PSFT - Fiscal 1998 - Discussion for the next year Message Board

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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year

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Oct 29 5:00 PM EST

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To: Melissa McAuliffe who wrote (2526)	10/6/1998 3:44:00 AM
From: Lutz Moeller	Read Replies (1) of 4509

Melissa, You wrote: "Also, could someone please help me with something. Do SAP's shares trade on both the NY and German exchanges. If I see share # outstanding for SAP is 531.2M does that include all the shares?? Or are there more shares?" David L.Scott defines in his book "Wall Street Words" ADR's as such: American Depository Receipts (ADR's) "A negotiable receipt on securities, that are being held in custody overseas. The ADR's are traded in place of the foreign securities in order to alleviate some difficulties (e.g., transferring certificates overseas or converting currencies) in buying and selling foreign securities." So Frankfurt trades stock, New York trades ADR's. The ADR's are no stock. So the share # is not enlargend. OK? Regards Lutz

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