Elders IXL of Australia announces TSE listing

American depositary shares (ADS) make dealing in foreign securities easier. The Elders IXL common shares are registered with “depositaries” in the country where the stock is to be issued — Royal Trust in Canada and the Bank of New York in the U.S. The depositary then issues ADS’s against the foreign stock. Each ADS is evidenced with an American Depositary Receipt (ADR). ADS h olders have essentially the same rights as common share holders, but have no direct voting rights. Instead, they can instruct the depositary company (which holds the original common shares) to vote by proxy.

Elders IXL is an international company that deals in resources, agribusiness, brewing and financing. It employs 24,000 people and has offices in 25 countries.

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