No Right Issue for ADR holders and no Warrants only dilution
Someone pasted in another forum which may deserve attention. If it is true?
The exercise of preemptive rights may not be available to U.S. holders of the Bank's ordinary shares and American Depositary Receipts.
Under Greek Law and our Articles of Association, prior to the issuance of any new ordinary shares, we must offer holders of our existing ordinary shares preemptive rights to subscribe and pay for a sufficient number of ordinary shares to maintain their existing ownership percentages. These preemptive rights are generally transferable during the rights trading period for the related offering and may be traded on the ATHEX.
Holders in the United States of the Bank's ordinary shares and American Depositary Shares evidenced by ADRs may not be able to exercise preemptive rights for any such offering of shares unless a registration statement under the U.S. Securities Act of 1933, as amended ("Securities Act"), is effective with respect to such rights or an exemption from the registration requirements of the Securities Act is available. Our decision to file a registration statement with respect to any future offering will depend on the costs and potential liabilities associated with any such registration statement, as well as the perceived benefits of enabling U.S. holders of ordinary shares and ADRs to exercise their preemptive rights and any other factors we may consider appropriate at the time.
If holders in the United States of the Bank's ordinary shares and ADRs are not able to exercise preemptive rights granted in respect of their shares in any rights offering by us, they might not receive the economic benefit of such rights. In addition, their proportional ownership interests in the Bank will be diluted
This is true...IF they do not file here. The ADR's get the rights which are sold (OK dumped) in Greece and ADR's get cash. This certainly will make the US ADR's worth less then the ordinary shares to some extent.
THe keys words in your post are "exercise"....doesn't mean the ADR's don't get them is my understanding.
Alpha Bank did a rights offering (not issued in US in 2009) per their website for anyone wanting to do more work on what happened trading wise.
Well.. as I said I pasted information as someone shared which is good attention point and I want boarders to post views on same. We may have some good sharing points on this issue and what so called investement gurus on this forum think