Jay, a corrected version of my share allocation. I had listed 100
shares for TRO and it should be 1/3 of that or 33 shares. Unclear why
they left TRO so cheap compared to the rest. Again, I may have
matched the names up wrong, but the cummulative end result would be
the same anyway. Below is the corrected version.
sf
===================================================================
I'll try and make this explanation simple. It is important that
you understand that currently both in the US and Brazil TBR trades in
units of 1000 shares. Each TBR ADR you own actually represents 1000
shares.
Now, as you can see from the table below, they have upped the number
of shares each new ADR will represent, and lowered the number of new
ADR's you will receive on most of the new companies. Sooo, for a 100
TBR ADR's you receive the equivalent of 100 shares of each of the new
companies. The following table shows you the new company names,
number of ADR's to be received per 300 shares, number of shares the
new ADR's represent and the new NYSE symbol. I suspect they did this
so that share prices would meet NYSE requirements.
# of # of
new ADR's shares
per 300 TBR in new ADR Symbol
==================================== =========== ========== ========
Tele Norte Leste Participacoes 300 1000 TNE
Tele Centro Sul Participacoes 60 5000 TCS
Telesp Participacoes 300 1000 TSP
Embratel Participacoes 300 1000 EMT
Telesp Celular Participacoes 120 2500 TCP
Telemig Celular Participacoes 15 20,000 TMB
Tele Celular Sul Participacoes 30 10,000 TSU
Tele Centro Oeste Celular Participac 100 3000 TRO
Tele Norte Celular Participacoes 6 50,000 TCN
Tele Nordeste Celular Participacoes 15 20,000 TND
Tele Sudeste Celular Participacoes 60 5000 TSD
Tele Leste Celular Participacoes 6 50,000 TBE
So for 100 TBR shares you should receive...
Apprx share value
New per Wed Brazil
ADR's close (US$) Value
============================== ====== ============= =======
Tele Norte Leste Participacoes 100 14.86 $1486.00
Tele Centro Sul Participacoes 20 45.35 $ 907.00
Telesp Participacoes 100 26.45 $2645.00
Embratel Participacoes 100 15.03 $1503.00
Telesp Celular Participacoes 40 21.20 $ 848.00
Telemig Celular Participacoes 5 24.00 $ 120.00
Tele Celular Sul Participacoes 10 13.80 $ 138.00
Tele Centro Oeste Celular Participac 33 2.58 $ 85.14
Tele Norte Celular Participacoes 2 14.50 $ 29.00
Tele Nordeste Celular Participacoes 5 14.00 $ 70.00
Tele Sudeste Celular Participacoes 20 21.40 $ 428.00
Tele Leste Celular Participacoes 2 26.00 $ 52.00
====== =========
$8311.14
Stock closed at US $83.11 that day, so you can see through rounding
etc,my numbers are close. TBR is down a tad since Wednesday also.
This is more of an example of what to expect.
|
