you are correct,USA adr is 1/2 of Russian prfd share. There is no call-ability that I can see. interesting though the company MUST pay a dividend every year on the prfd, otherwise under Russian law they will now get voting rights, which means common will lose majority control. 2012 they paid a symbolic .0052 per share to stay in good standing.
Great question, So I researched Russian corporate structure to see if there is some difference between USA prfd stocks and MTL-P . I couldn't find anything except that MTL-P has no voting rights attached.
the prfd has seniority over common, although the prfd dose not have voting rights like the common, I think that's because 55% of the common is owned by 1 person who founded the co. It looks like they issued the pfrd to purchase assets from the Justice family, which some are locked-up. The deal is prfd gets 20% of net operating income as a annual dividend, but has no voting rights so he controls the shareholder vote.
It looks as though prfd, is so thinly traded because of small float . Justice family owns 45% and subsidiary of MTL owns 35% leaving 20% trad-able. go to MSN money and look at institutional buys in last 6 months. they're all ;loading up here. Also year end window dressing is putting pressure on losers and running up winners.
True, todays exchange rate puts prfd, at 10% discount, 102in Russia, and .45 x 2= .90 in US. hence 10% discount, on common US adr is 80% of float so US is real market price.
gold speculators buying bit coin,
how do we keep JPM from skimming, / processing fees for themselves? are we at their mercy to take whatever the give us? wheres the checks and balances?
Looks to me it should be a .20 per share for holders of ADR , how and when will it be distributed?
looks like big money coming in. http://www.cnbc.com/id/101127742