No, but they may well work longer and harder and slow and steady makes more work in a day.
So far I like what I see with stock price and I continue to look at the Black Rock investment as a good sign.
Add in the $2.20 US for Chorus which will yield about a 8% divy and you get a number close to the close price on Friday.
You will get 1 share of Chorus for every 5 of NZT.
Chorus will begin trading on Wednesday Novenmber 23.
Hope this helps
Nothing to worry about here. Each existing NZT Share is receiving .20 shares of Chorus. Each US ADR has 8.0 NZT shares backing each ADR. That means each NZT US ADR is going to be receiving 1.6 shares of Chorus per ADR although I'm not aware that the ADR adminisrtator has yet to inform anyone whether Chorus shares will trade in a separate US listed ADR or whatever.
Chorus, importantly began trading on the NZ Exchange today. The close for Chorus in NZ was $2.30 NZ which translates at the current NZ$ - US$ exchange rate of $1.0 NZ$ = .74802 US$ to having a value of $1.765 US per share. With each US ADR share having 1.6 shares of Chorus eventually being distributable, the value of the Chorus shares coming to each ADR = $2.82.
Bottom line - the "combined" NZT and Chorus shares closing values on the NZ exchange were slightly higher on Monday, not lower. In the US, Chorus's commencement of trading is not being reflected yet in the US ADR price.
NZT ADR shares appear to have fallen out of bed only because the ADR is based on the Telecom Stock price in NZ after Chorus has been subtracted out. Chorus distribution rights have not as yet been reflected in the underlying NZT US ADR prices and the US exchanges do not seem to have as yet figured our that the US ADRs mut also already be trading "ex distribution". So don't lose any sleep anyone. Your NZT ADR value is still intact - solid and sound. When Chorus shares start getting reflected in the ADR prices, everyone will "recover" their apparent "losses".