I feel I've done enough explaining. I think its for whomever (erroneously) believes that US leads the way re MSB price to make their case. I've made mine, down to the last cent (many times), and I just did it again, as have others, with documented references to the meaning and design of NASDAQ ADR's.
I'm not going to answer this question - why should I explain? I'm not a criminal in the dock.
It was actually 34% drop, from 3.41 (pre T/Halt) to about 2.25, as I recall, and "not by half". Facts are important, especially numbers.
There are people here far smarter than me, long time, skilled members. Having said that I only have 2 cents, which are:
Recall, Offering was undersubscribed , offer price reduced from US$12 to $8 (i.e. 33%). The NASDAQ CR reflected the current Valuation to those (presumably savvy) investors, given the great maturity and importance of the Biotech Industry Group in USA , not mention highly mature Capital Markets.
It - biotech - was as much a part of the late 90's mania as were technology stocks. Indeed, I suggest it was a shock political statement on biotech patents that played no small part in the collapse (which was overdue, anyway) - I've given some references to this political statement, below. People don't know this.
I was there, in the middle of it, I know. But, I digress - OTOH, it's always good to learn things.
ASX re-calibrated accordingly (perhaps they respected the views of the US Investors???), and the ADR has tracked it perfectly since that date.
I'll leave it to others to provide a more appropriate explanation. Folks here followed it like a hawk (as did I, for that matter).
I'll come back before end of week and see what explanations are given by those members.
References to digression, above.
This helped facilitate the crash of 2000:
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)