Historically it seems to me that the dumping has occured on OTC. At least I noticed many times that OTC, despite closing 10% below Merkur and Merkur going up another 10% before the open on OTC, opened heavily down. Either shareholders on OTC don't know about Merkur, they try to depress the PPS as much as possible, or they don't care what price they get for the shares.
Vice versa - Scandinavians might be more naive in that SIAF just recently started trading on Merkur while it has been on OTC for years. I.e less people might know about the dual-listing here than in the US, and/or are more risk-willing than in the US.
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