I don't think that increased demand in the US for the ADRs would necessarily mandate the issuance of additional shares, however, according to the news report referenced in my last post, SAP is going to propose at the May 7 annual meeting :
-- "Standby" capital increase authorization: authorization to increase SAP share capital by DM 10 million, through the
issuance of preferred shares to be offered to investors, for a five year period to May 15, 2003.
-- "Standby" share buy back authorization: authorization for a share buy back of 10 million shares, both ordinary and
preferred. There is no intention presently to repurchase Company shares, but SAP seeks the added flexibility it would
allow.
Therefore, they may increase the number of ADR shares traded in the US. I know the daily volume traded in the US is low currently, but I don't know what the total number of SAP ADR shares out is. Anybody know?
Thanks for the friendly welcome, Ibnbatutaa! BTW, how did you know that was my first post on SI? I have been reading several threads for a few weeks, but I just decided to try the free 30 day membership.
Anita |
