"Most ADR programs are subject to possible termination. Termination of the ADR agreement will result in cancellation of all the depositary receipts, and a subsequent delisting from all exchanges where they trade. The termination can be at the discretion of the foreign issuer or the depositary bank, but is typically at the request of the issuer. There may be a number of reasons why ADRs terminate, but in most cases the foreign issuer is undergoing some type of reorganization or merger.
Owners of ADRs are typically notified in writing at least thirty days prior to a termination. Once notified, an owner can surrender their ADRs and take delivery of the foreign securities represented by the Receipt, or do nothing. If an ADR holder elects to take possession of the underlying foreign shares, there is no guarantee the shares will trade on any U.S. exchange. The holder of the foreign shares would have to find a broker who has trading authority in the foreign market where those shares trade. If the owner continues to hold the ADR past the effective date of termination, the depositary bank will continue to hold the foreign deposited securities and collect dividends, but will cease distributions to ADR owners.
Usually up to one year after the effective date of the termination, the depositary bank will liquidate and allocate the proceeds to those respective clients. Many US brokerages can continue to hold foreign stock, but may lack the ability to trade it overseas. "
Kurzübersetzung: Man wird spätestens 30 Tage vor dem Delisting angeschrieben und kann dann entscheiden, was man machen will.
Option 1: Man lässt sich die dem ADR zugrundeliegenden Aktien liefern, auf die Gefahr hin, dass man diese schlecht handeln kann (für den einfachen Handel gabs ja gerade die ADRs).
Option2: Man tut nichts. Die ADRs werden im Laufe der Zeit, üblicherweise bis zu einem Jahr nach Delisting, liquidiert. Die erzielten Erlöse werden den Haltern gutgeschrieben, während dieser Zeit ggf. anfallende Dividenden werden den Besitzern der ADRs jedoch nicht mehr weitergeleitet.
Nicht sonderlich attraktiv, aber es droht keine wertlose Ausbuchung.
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