Bougainville Copper ADRs
ISIN : US1013952007
15.08.2010
Last ESBC statement on Bougainville Copper ADRs
The unsponsored American Deposit Receipt (ADR) program has been cancelled in July 2009 by the emitting US banks. Most of investors who had bought these securities have received an offer from their broker to exchange their ADRs into ordinary shares of Bougainville Copper Limited (BCL). This offer was limited for six months only and due to a transaction fee. All investors who did not accept to convert into ordinary BCL shares were automatically compensated according to the share price resulting from the sales of the deposited ordinary shares. These were sold out until July 2010. It might have happened that your broker failed to make you an appropriate offer for this exchange. In that case and under condition that you have not yet been compensated, you should insist to get your BCL ADRs converted into ordinary shares by fair dealing. In case of any problems you should see a consumer advice centre.
The ESBC have always been the representation of holders of ordinary Baugainville Copper securities. In the past the ESBC advised investors repeatedly not to buy American Deposit Receipts. The ESBC always recommended buying ordinary BCL shares. Today, more than ever before, the ordinary Bougainville Copper share is an extreme valuable investment with an excellent future prospect. You absolutely should not miss this great opportunity because of some harmful losses in investing in BCL ADRs.
29.06.2010
Bougainville Copper ADR:
Off and Away!
Bougainville Copper ADR cancellation completed on June 24th, 2010!
ISIN: US1013952007 Ticker: BOCOY
Read Original Announcement here!
v
ESBC Claim for Free Exchange of ADRs to Ordinary Shares
06.07.2009
To
The Bank of New York Mellon
Depositary Receipts Division
101 Barclay Street, 22nd Floor
New York, New York 10286
Bougainville Copper American Deposit Receipts (US1013952007)
Dear Mrs. Erlandsen,
please be so kind to forward this mail if you should not be concerned.
The European Shareholders of Bougainville Copper (ESBC) represent the biggest group of private investors in Bougainville Copper Limited (BCL).
Our members are holding original shares (PG0008526520) and American Deposit Receipts (US1013952007) as well. As announced by the Bank of New York Mellon and other ADR emitending banks, they intend to stop their unsponsored ADR program in Bougainville Copper on July 27 th , 2009.
This information brought even more uncertainty into an already weakened market.
For example JPM informed falsely as follows…
(JPM citation: “Yes, Bougainville Copper is terminating their unsponsored ADR program. We do not have information on whether they are going to offer a different program in the future.”)
…that the program had been stopped by intervention of Bougainville Copper Limited. Such a statements are not only misleading but also absolutely illegal as you find out by reading the following official statement of BCL given to the ESBC yesterday:
“Bougainville Copper (“BOC”) is not party to or part of the ADR scheme mentioned in your email. Unsponsored ADR programs are sometimes established by banks, at their own volition, without the approval or knowledge of the company involved. BOC has never approved or sponsored such a scheme, or been the financial beneficiary of any such scheme.”
Therefore the ESBC claim that all costs of the exchange of ADRs (US1013952007) to original BCL shares (PG0008526520) have to be covered by the emitent banks, because of the fact that the transaction has to be considered as a compulsorily exchange activity.
The ESBC members preserve the right as well to ask for compensation for fiscal disadvantages due to the transaction.
The ESBC expect your clarifying answer including your assurance to bear all cost for our members that are related to the transactions until
Tuesday, July 7 th , 2009 20 hrs GMT
Further we expect that you will publish the reviewed conditions of exchange as soon as possible in the concerned finance media.
If your answer is not satisfying to our members interest, the board of the ESBC has to advise our members to bring the case to a legal solution.
Faithfully,
Axel G. Sturm
President ESBC
Escaldes-Engordany, July 3rd, 2009
To
JPMorgan Chase Bank, N.A.
161 North Concord Exchange
South St. Paul, MN 55075
Bougainville Copper American Deposit Receipts (US1013952007)
Ladies and Gentlemen,
The European Shareholders of Bougainville Copper (ESBC) represent the biggest group of private investors in Bougainville Copper Limited (BCL).
Our members are holding original shares (PG0008526520) and American Deposit Receipts (US1013952007) as well. As announced by JPM and other ADR emitending banks, they intend to stop their unsponsored ADR program on July 27 th , 2009.
This information brought more uncertainty into an already weakened market.
Further JPM informed falsely as follows…
(JPM citation: “Yes, Bougainville Copper is terminating their unsponsored ADR program. We do not have information on whether they are going to offer a different program in the future.”)
…that the program had been stopped by intervention of Bougainville Copper Limited. Such a statement is not only misleading but also absolutely illegal as you find out by reading the following official statement of BCL given to the ESBC yesterday:
“Bougainville Copper (“BOC”) is not party to or part of the ADR scheme mentioned in your email. Unsponsored ADR programs are sometimes established by banks, at their own volition, without the approval or knowledge of the company involved. BOC has never approved or sponsored such a scheme, or been the financial beneficiary of any such scheme.”
Therefore the ESBC claim that all costs of the exchange of ADRs (US1013952007) to original BCL shares (PG0008526520) have to be covered by the emitent banks, because of the fact that the transaction has to be considered as a compulsorily exchange activity.
The ESBC members preserve the right as well to ask for compensation for fiscal disadvantages due to the transaction.
The ESBC expect your clarifying answer including your assurance to bear all cost for our members that are related to the transactions until
Tuesday, July 7 th , 2009 20 hrs GMT
Further we expect that you will publish the reviewed conditions of exchange as soon as possible in the concerned finance media.
If your answer is not satisfying to our members interest, the board of the ESBC has to advise our members to bring the case to a legal solution.
Faithfully
Axel G. Sturm
President ESBC
Escaldes-Engordany, July 2 nd , 2009
