PGLA – The Nasdaq-traded shares are technically ordinary shares rather than ADR’s and hence they qualify for the repurchase program. On the other hand, the company’s Nasdaq listing appears to be for bragging purposes only. Just for the heck of it, I looked at the Level-2 screen; conclusion: the market makers don’t have any inventory of this stock and don’t want any.
PGLA addendum: A grand total of 600 shares traded today on Nasdaq. On a day when the company announces a merger! Either the Nasdaq requirement for three bona fide market makers is not enforced or someone at PGLA has dirt on somebody to stay listed.
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