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Re: chenzo11 post# 18902

Tuesday, 03/20/2018 7:07:14 PM

Tuesday, March 20, 2018 7:07:14 PM

Post# of 19165
Congratulations chenzo11! Nice chunk o' shares right there smile

My perspective on the disposal of un-surrendered ADRs (as of March 15 2018) is that there is no price set at which they will be sold. I believe this is true because of the language used in the announcement where they say the holders of the un-surrendered ADRs will receive their Pro Rata Benefit of the sale less fee's which could be as much as $0.05 per share. This seems to indicate that the underlying ETE shares will be sold for whatever the open market will bare thusly conveying the average pps (less fee per share) for the amount of shares backing the un-surrendered ADRs to the un-surrendered ADR owners' of record, ie... Pro Rata Benefit. Otherwise, we would see a share buy back announced if there was to be any set price for all the un-surrendered ADRs. There would have to be a guarantor or purchaser lined up ready to pay the set price at any close, and that would also require public disclosure well in advance of such an event.

Here's the original announcement for review...

Accordingly, at any time after the Termination Date, the Depositary may sell any shares underlying ADRs that have not been surrendered and may hold the uninvested net proceeds from of any such sale for the pro rata benefit of the holders of any such outstanding ADRs. http://www.helex.gr/documents/10180/4897325/57_10744_2017_English_2.pdf/bba5f672-d378-4e2f-8a3a-52ad603ef8f8



http://www.helex.gr/web/guest/company-announcements2/-/select-company/57

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