The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joe Conte - JPMorgan - Analyst
: Yes. This is Joe Conte from JPMorgan ADRs. Yes, not only that cancellations could occur. I was instructed earlier in the call you will
be able to also reissue or recreate ADRs as well, and the process would sort of be in reverse.
Question: Joe Conte - JPMorgan - Analyst
: Yes, sure. So it really depends on when the instructions are presented to JPMorgan. So if we receive, in most cases, delivery of the
ADSs with good cancellation instructions by 10:00 AM Eastern, that should be delivered out on the same day. With the time differences
between us and Switzerland, in most cases, the delivery will be made the next business day.
We do have many broker-dealers that provide standard instructions for cancellations with JPMorgan. So if those broker-dealers are
delivering to us via those standard instructions, they are much quicker to be delivered off by our custodian in Switzerland. So I figure
about a day or two is the normal process.
Question: Phillip Oswald - UBS - Analyst
: Yeah, hello. After the nine-month period trading from the ADS, would you expect termination of the ADS or you are still running the
program without trading?
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Question: Claire Perrin - Deutsche Bank - Analyst
: Hello there. So we're expecting a market announcement in the next couple of days. Is this going to happen through to our custodian
by Monday, which is the record date?
Question: Joe Conte - JPMorgan - Analyst
: Yes, sure. So I'm assuming the trading market announcement, is that what you're asking for?
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Question: Claire Perrin - Deutsche Bank - Analyst
: It's more so if, for example, we have clients with the existing positions so that we can send out their mandatory corporate action
notice so that they are aware of their options as far as ADS in writing, et cetera?
Question: Claire Perrin - Deutsche Bank - Analyst
: I think it does. It's just that we didn't seem to receive a swift as yet. So it's probably just a timing issue from our custodian.
Question: Claire Perrin - Deutsche Bank - Analyst
: Thank you. I'll let you finish. I am only allowed one question.
Question: Claire Perrin - Deutsche Bank - Analyst
: Excellent. I'll take a look at that. I think that's why I was just looking to confirm, so we're just cross-referencing the initial spin-off
notification with the tickers (inaudible). And then just to -- I was making notes as you walked through the additional information on
timelines, et cetera, so assuming that will also be published as well.
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