something else that is odd, page-11

nightspore
what you own is an American Depository Receipt entitling you to a certain number of DIO shares. What you DONT own are the DIO shares DIRECTLY. In other words you cant take that certificate and present it to a broker in Australia as settlement for sales on the ASX.

However,BoNY has provided the mechanism by which you may own the RIGHT to those shares in DIO via the US market. If you look at your certificate you will find it is a piece of paper called a depository reciept. What that means is that BoNY holds those shares on behalf of Depository reciept holders in its bank vaults. While an ADR program runs, you can, at any time, ask BoNY to cash in your reciept for the shares and then you sell them directly onto the ASX. Alternatively, you can just simply sell the ADR back onto the US market.

However, you say that the ADR program has finished. I understand that to mean that the BoNY no longer wish to hold DIO shares on behalf of ADR holders and have unbundled the ADR's. I dont know the answer to this BUT, either they will give you the shares back directly OR they have sold the shares on the ASX and will give you a cheque from the proceeds....

Please understand, this is not a DIORO initiative. They may well have said it is ok for the BoNY to buy up the stock in the first place to create the ADR's but DIO do not have a responsibility for the ADR's themselves.

If it help to understand, ADR's are not disimilar to CFD's but without the margin calls. CFD are instruments that trade as a direct correlation to the underlying share price because they are backed by the share.....BUT they aren't the shares themselves.

I hope that answers some of your questions.

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