Ireland Bank, American Dep. Shares (IREBY)

[Huggy Bear]

IRLBF is BKIR.L shares traded on the pinksheets here. They only are cleared through Mellon in NYC so shares can be difficult to purchase/sell and volume is limited and often illiquid so you want to make sure you get them at a proper valuation IMO. For example BKIR.L closed at .09 today so take that times 1.36 for the euro conversion and you get .1224 - that is the intrinsic value of IRLBF currently so at .14 IRLBF is trading at a premium to BKIR.L

By contrast IRE closed at 4.66 today. To see how close it is currently tracking BKIR.L you take .09 x 1.36 for the conversion and then multiply that times 40 - 4.89

IRE is an ADR, American Depository Receipt, which represents 40 shares of BKIR.L

So IRLBF is currently overvalued compared to BKIR.L and IRE is currently trading at a discount.

Hope that helps.

malc