Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.944

+0.5%

Nov 28 9:30 AM EST

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To: Steve Fancy who wrote (1054)	2/17/1998 10:04:00 PM
From: jeremy smith	Read Replies (4) of 22640

Hi Steve. Sorry for the silence...took an extended w/end to enjoy with my family. OK. re. treatment of ADRs. I very much doubt that the Brazzos will reveal the exact workings of this in the next couple of weeks, as I think I read in one of the articles posted here. I'd love to believe that they already have the solution, but I doubt they do! Also, the suggestion in one of these articles that one ADR will simply represent a basket of 12 different shares is equally unlikely. We have looked in to this ourselves, and the legal opinion appears to be that this would just not fly with either the NYSE or the SEC. We will need to have separate independent securities. This of course raises the issue of whether all the spin-offs will meet the minimum listing criteria. Again, I doubt it - at least in so far as the NYSE is concerned. In short, we'll just have to wait and see what Salomons recommend in exchange for their 0.07% advisory fee!. I'm not concerned though.YET!!!! Clients are worried, but they have no alternative right now. They will stay with TBR UNTIL THE ALTERNATIVE PRESENTS ITSELF.AND IT WILL. When that day comes, investors will sell out their current holdings, and reposition themselves back in to the "choicest" operators -which almost certainly WILL be available in ADR form. We're just gonna have to wait, I'm afraid. Jeremy

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