SAP A.G. Message Board - Msg: 5221870

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Technology Stocks : SAP A.G.

SAP 242.04

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3:59 PM EST

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To: ioioioi who wrote (1475)	7/16/1998 7:31:00 PM
From: sc98	Read Replies (1) of 3424

Response to Question 5... I called the Bank of NY today and they said that the ADR's will split 12-1 and not 4-1 as originally intended. Has anyone else heard this? Also, I was looking on the SEC web site (www.sec.gov) and one of the filings for SAP was for an Exchange Offer. On page 10 it indicated we needed to submit "something" to exchange our current ADR's (referred to as Rule 144A ADS for new ADS shares (at a 4-1 ratio). My question is, don't our shares split automatically? I have never had to submit anything for a split before. Also, I heard a rumor that SAP A.G. is splitting 3-1 soon, maybe that's how they got a 12-1 split.

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