Could be, we shall see.
Thinking about what will happen to option exercise, my feeling is that option holders will get 12 ADR's, I cannot see it working any other way.
For example, If I sold covered calls on TBR because I had say 1000 shares, then I could sell 10 covered calls, when these are exercised then if TBR is still listed then I would give them my shares, if TBR is no longer listed, (the shares have been automatically swapped for 12 ADRS'), then I will hand over the 12 ADR's. The discussions about getting TBH's seems flawed, as I would need to pay the difference between the 12 ADRS and the TBH, + commission to fulfill the exercise.
Seems like the 12 ADR's is the only thing that would work, unless the CBOE paid for the conversions, which seems unlikely.
What do you think ?
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