National Bank of Greece ADR (fka NBGGY)

[Huggy Bear]

If you look closely at the fine print it notes that a "unit" in the offering represents 100 shares. All US ADR's are "units" and the current ratio of the US ADR to NBG as it trades in Athens is 1:1. For comparison the US ADR of BKIR.L, Bank of Ireland represents 40 shares of BKIR.L

It does not reflect a half billion shares to be diluted. It reflects the desire to bring in 25M from accredited US investors though, so it is dilution.

This is my impression from a brief read. I will have to examine it closer later when I have more time. Foreign issuer filings are always more difficult to decipher, at least for me. But it is not impossible by any means.

Interested in what others thoughts are who are familiar with foreign filings. I could be off, and always consider contrarian opinions to mine.