ADR Frequently Asked Questions

What does a level 1 ADR mean?

Level 1 Depositary Receipts are traded in the US OTC market with prices published in the Pink Sheets and on some exchanges outside the US. Establishment of a sponsored Level 1 ADR program does not require full SEC registration and the company does not have to report its accounts under the US GAAP reporting or provide full SEC disclosure.

Can I obtain information and updates on LCT under the ADR program?

Updated disclosure information will be provided on the LCT website, as well as on the Bank of New York website. ADRs are usually tracked by the main US financial websites.

What is the difference between an ADR and an ADS?

An ADR (American Depositary Receipt) is a negotiable certificate issued by a depositary bank representing a specific number of shares of a non-US company traded on a US stock exchange. An ADS is the share issued underthe ADR agreement which is actually traded.

Can I buy ADRs through a broker?

Yes, you can purchase ADRs just as you would buy US securities.

Who will vote the ADRs at the Shareholder and Annual Meetings?

Holders of ADRs are entitled to instruct The Bank of New York as a proxy to exercise the voting rights of the ADRs. If no instructions are received by the Holder, the shares will remain un-voted.

For further information on ADRs - visit the Bank of New York