標題: Notice of Exchange Offer - VOLKSWAGEN A G F
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發表於 2018-8-3 10:19  資料 私人訊息 
Notice of Exchange Offer - VOLKSWAGEN A G F
今早收到券商寄來的通知如下Our records indicate that you hold VOLKSWAGEN A G F American Depositary Shares in your account ending in 522. This security is subject to a(n) Exchange Offer which requires your decision.        Please go to www.schwab.com/corporate_actions to read the terms of the offer and submit your instructions or call +1-415-667-8400 for information on the terms of the offer.

我上嘉信網站看了內容如下,還是看無。請問該如何處理?


你的選擇:

兌換非
贊助商ADR:   將您贊助的ADR兌換為新發行的非贊助商

不良反應。在2018年8月14日至2019年2月11日的轉換期間,存託銀行正在免除發行和取消費用,以便從贊助的ADR轉換為非贊助的ADR。重組費用仍然適用。

轉換為普通股:   
轉換您的讚助ADR為大眾汽車股份普通股,受制於

適用的費用和稅金(如上所述)。

拒絕/不採取行動:   
如果您不想參與此優惠,則無需採取進一步行動。但是,在2019年2月11日之後,保存人將試圖出售任何尚未償還的ADR,並將現金收益分配給任何適用的費用。


管理贊助大眾汽車股份公司美國存託憑證(ADR)計劃的存款協議將於2018年8月13日終止,屆時ADR可能不再進行交易。


摩根大通銀行(保管人)已向美國證券交易委員會(SEC)提交了F-6登記聲明,表明他們打算為大眾汽車公司的相同相關股份建立新的非贊助ADR計劃。每個非贊助ADR將代表一輛大眾汽車普通股的十分之一(1/10)。
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Joe
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發表於 2018-8-3 10:25  資料 文集 私人訊息 
晚上開盤打電話問
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發表於 2018-8-7 03:38  資料 私人訊息 
請問宥聰桑詢問的結果如何呢?這個好像有時間限制,希望有問到的同學可以分享一下,謝謝大家。
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蔚藍
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發表於 2018-8-10 04:36  資料 私人訊息 
Volkswagen AG sponsored ADR(1:5) 至2018.08.13到期後終止,
之後改由摩根大通銀行接手發行unsponsored ADR(1:10)
2018.08.14~2019.02.11是轉換期間~

1.如果你轉換會拿到兩倍股數(價值不變,另付重組費用)
2.換回德國原股(以後如何買賣?)
3.拒絕/不回應.:後續退費,不回應會等到明年2月才幫你賣!

存託憑證並非全部相同,市場上存在兩種形式可供上市公司選擇:
分為無擔保的ADR(Unsponsored ADR)、有擔保的ADR(Sponsored ADR)。

無擔保的ADR由一家或多家存託銀行根據市場需要而發行,
但存託銀行與國外上市公司之間無正式協議
由於無法控制該計劃的執行過程和難以核算隱蔽成本,現實中並不多見。

而有擔保的ADR是指國外上市公司直接參與ADR的發行
並與存託銀行簽訂存託協議,在存託協議中明確國外上市公司、
存託銀行和持有人之間的權利義務關係。


[ 本帖最後由 蔚藍 於 2018-8-10 04:47 編輯 ]
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Billion
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發表於 2018-8-10 15:36  資料 私人訊息 
美股新手一枚, 也持有VOLKSWAGEN沒多久, 請問摩根大通銀行(保管人)為何向美國證券交易委員會表明他們打算為大眾汽車公司的相同相關股份建立新的非贊助ADR計劃? 這情況在ADR是常見的嗎?
ADR(Unsponsored ADR)、有擔保的ADR(Sponsored ADR)。這兩類ADR對持股者的權利義務有何差別?


請前輩們指導, 感恩




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mikeon88
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發表於 2018-8-14 21:44  資料 主頁 文集 私人訊息 
一沒注意我在ET的VLKAY變成串數字,
查了一下Alert並未有任何通知,
.......

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sharon7106
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發表於 2018-8-14 22:01  資料 私人訊息 
券商的看盤頁面上寫說換代碼了!    The symbol you entered, VLKAY, changed to VWAGY.
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蔚藍
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發表於 2018-8-15 05:24  資料 私人訊息 
也是看到嘉信e-mail的通知才曉得,
不然登錄嘉信網頁時也沒特殊通知~

之前大眾汽車和摩根大通銀行有合作發行Sponsored ADR: VLKPY(優先股)、VLKAY。
到今年六月摩根大通銀行就收到大眾汽車通知不再合作發行Sponsored ADR,
可能因為大眾汽車不缺資金、不缺人才、不缺知名度,企業上市目的?
或為省麻煩不用符合美國相關法規?
因應美國投資人的需求,摩根大通銀行決定自已繼續辦理unsponsored ADR發行~
Daimler AG (DMLRY 也是unsponsored ADR),
unsponsored ADR 基本就缺少投票權利,
其它權利就不太曉得,也許得企業破產清算才會有差,得請其它高手指導解答~





資料來源:鉅亨網


[ 本帖最後由 蔚藍 於 2018-8-15 05:28 編輯 ]
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mikeon88
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發表於 2018-8-15 07:02  資料 主頁 文集 私人訊息 
Etrade Aert

Page 1 of 2Volkswagen AG Repstg Pfd Cusip: 928662303Cutoff Date: 02/07/19 If you wish to participate contact E*TRADE @ 1-800-387-2331ADR Termination

Opt1/ 1 Sponsored ADS = 2 unsponsored ADS
Opt2/ 5 sponsored ads =1 represented Ord CUSIP: 928662303;
ADR ISIN: US9286623031; Underlying ISIN: DE0007664005
Country of Incorporation: Germany Custodian: BNP Paribas, Deutschland   Default: Do nothing will receive cash
JP Morgan chase bank, N.A. Has received notice from Volkswagen Ag Terminating the depositagreement relating to the preference SHS sponsored American depositary receipt program. Such termination shall be at the close of business (NY time) on August 13, 2018.

Page 2 of 2The facility is being  terminated in accordance with, and subject to, the terms and conditions of the Deposit agreement  governing the ADRS. After termination date, the depository will not perform any function except receive and hold distributions represented by the ADRS and convert any sur rendered ADRS to the new security. Cancellation books will remain open until 02/11/19 at which time the depository will sell the outstanding underlying securities for the pro rata benefit of the holders.A cancelation fee will be charged of $5.00 per 100 ADSS or a portion thereof, plus a $20.00 cable fee Issuance and cancelation fees for the exchange will be waived between 08/14/18 and 2/11/19. There Is No Withdrawal Or Guarantee Of Delivery Extended For This Offer Response after cut off will be best effort.
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發表於 2018-8-15 07:50  資料 私人訊息 
What is an 'Unsponsored ADR'
An unsponsored ADR is an American depositary receipt (ADR) that a depositary bank issues without the involvement, participation – or even the consent – of the foreign issuer whose stock underlies the ADR. The issuer therefore has no control over an unsponsored ADR, in contrast to a sponsored ADR where it retains control.
Depository banks usually establish unsponsored ADRs in response to investor demand. Shareholder benefits and voting rights may not be extended to the holders of these particular securities. Unsponsored ADRs generally trade over-the-counter (OTC) rather than on United States
BREAKING DOWN 'Unsponsored ADR'
The number of unsponsored ADR issues surged after Oct. 10, 2008, when the Securities and Exchange Commission (SEC) amended an exemption applicable to foreign issuers, which allowed them to have their securities traded in the U.S. OTC market without the registration required under Section 12(g) of the SEC Act of 1934.
This amendment eliminated the written application and paper submission requirements by providing automatic exemption from Section 12(g) to foreign issuers that met certain conditions. These conditions required the issuer to maintain a listing of its shares in its primary market outside the U.S., and publish electronically in English specified non-U.S. disclosure documents.
Since depositary banks were not required to notify the underlying issuers or obtain permission before registering unsponsored ADRs with the SEC, there was a rush to bring these to market, resulting in multiple unsponsored ADRs sometimes being created for the same issuer.
  • Unsponsored ADRs Versus Sponsored ADRs
  • In contrast with unsponsored ADRs, sponsored ADRs allow foreign companies to directly tap into international capital markets. Although a sponsored ADR would be listed in the United States, the issuing company still has its revenue and profit denominated in its home currency. Three levels of sponsored depository receipts exist:
  • 1.Level I sponsored ADRs can only be traded over-the-counter (OTC) and not on an official U.S. exchange; however, a Level I sponsored ADR is easier to set up for foreign companies, since it does not require the same disclosures, nor does the company have to abide by the generally accepted accounting principles GAAP. Level I sponsored ADRs pose certain risks to investors given their relative lack of transparency.
  • 2.Level II sponsored ADRs can be listed on an exchange and are thus visible to a wider market; however, they do require the company to comply with the SEC.
  • 3.Level III sponsored ADRs permit companies to issue shares to raise capital, but require the highest level of compliance and disclosure.
  • https://www.investopedia.com/terms/u/unsponsoredadr.asp


[ 本帖最後由 Curry 於 2018-8-15 07:57 編輯 ]
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發表於 2018-8-15 08:37  資料 私人訊息 
An ADR is a financial instrument denominated in U.S. Dollars that allows U.S. investors to invest in the common stock of offshore entities. In the case of sponsored ADRs, wherein the offshore entity engages in and accounts for an ADR's issuance, holders are entitled to certain voting rights as de facto holders of the underlying stock.


Unsponsored ADRs, albeit legitimate, are often issued by proxy by some brokerage entity that holds an offshore company's common stock and does not involve the issuing offshore entity in the ADR's issuance. For this reason, holders of unsponsored ADRs are not entitled to the same rights as those that hold sponsored ADRs.


To illustrate, suppose Bob and Jack both hold ADRs for French company XYZ. Bob holds a sponsored ADR and is regarded as having the same voting rights and entitlements as a holder of XYZ's common stock. Jack, however, holds an unsponsored ADR produced individually by his broker. Though Jack is entitled to the value and dividend rewards offered by XYZ's underlying common stock, he is not entitled to the same rights as a common stock holder, because the ADR was produced by his broker without the direct involvement of XYZ.


WHY IT MATTERS:
Unsponsored ADRs present a risk on the part of the investor since they are not sanctioned by the issuer of the underlying stock and as a result they are only as trustworthy as the issuing broker.  
https://investinganswers.com/financial-dictionary/stock-market/unsponsored-american-depository-receipt-1540


[ 本帖最後由 Curry 於 2018-8-15 08:38 編輯 ]
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發表於 2018-8-15 21:42  資料 私人訊息 
所以學長們的建議?
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發表於 2018-8-15 21:52  資料 私人訊息 
  • 若想換現金,轉換價如何算?
  • 何時可換?


[ 本帖最後由 Friendk 於 2018-8-15 21:54 編輯 ]
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mikeon88
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發表於 2018-8-15 21:57  資料 主頁 文集 私人訊息 
我剛剛打電話到E*TRADE @ 1-800-387-2331
說Speak Chinese,他們會找人翻譯,

跟他說我有VLKAY要選擇第一種,轉成unsponsored的

他們已接受我的申請,需2周時間。
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金門稟原
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來自 中華民國~金門

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發表於 2018-8-16 10:06  資料 私人訊息 
追隨MIKE桑的腳步。

步驟 1 . SUBMIT FOR UNSPONSORED ADR.
       2 . 輸入數字100.(我只有100股)
       3 . 按繼續.
       4 . 按SUBMIT (被扣39美元.)
完成....收工 ~~~



[ 本帖最後由 金門稟原 於 2018-8-16 10:08 編輯 ]
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