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?
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?
Question: Joe Conte - JPMorgan - Analyst
: I got you. Well, so there's several moving parts here. So JPMorgan will be issuing for holders -- registered holders, in any case, they'll be receiving
a welcome letter once the accounts have been created and allocated with shares, also for the registered holders. For beneficial holders at broker
dealers, the Nasdaq will be putting out their daily list announcement usually by 1:00 or so today to establish the trading markets. The Depository
Trust and Clearing Corporation has also put out the terms of the spin-off and record dates and all of that.
So that's been out there already. So there's enough market data information out there for beneficial holders and so forth. We normally don't mail
anything to beneficial holders directly. It's more to registered holders. So I'm not sure if I specifically answered your questions on that at this point.
Question: Joe Conte - JPMorgan - Analyst
: A swift -- yes, it's probably -- that would have to come out from your custodian as well, yes.
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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