I saw none of that language in the 6-K today but I will check again. This big board EU stock has been playing penny stock games IMO being as previously the company announced that they would be issuing shares at .02 Euro to fund the recap, then today announce the base issue in at .30 Euro.
Huge damn difference. And huge swings in both directions for a big board, NBG reeks at this juncture of insider games.
As far as that post goes, I think there is some confusion around how US ADR's work. They are generally only accepted by the big boards, NYSE in this instance, because they generally report in acceptable fashion in the country of origin, on their big board exchange and with an acceptable degree of transparency.
Anyway, a US ADR is directly pegged to the parent stock in their own exchange at the ratio that is disclosed. In the case of NBG one share of NBG equals one share of ETE.A, with the dollar/euro conversion of course.
However, the different markets can and do react quite irrationally at times, with arbitrage going either way.
Bottom line is I see they "corrected" the offering to be .30 Euro or 4.50 Euro post reverse split, as was already announced before the recap price of shares was announced. Then they throw out some .02 Euro price for the recap shares to be issued and both markets drop nearly 50% instantly. Why would not all exchanges that carry ETE.A ADR's not react that way? Nasty shit, and I did not fall for it.
If they try to claim the earlier 6-K saying the offering of .02 or .30 post reverse split was erroneous, and sorry about that, I would not be surprised at all.
Going back into the 6-K now to try and figure out what dude was saying about any difference fundamentally in the US ADR.
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