Aflease - ADR program real-time pricing - level II Montage
The Afrikander Lease Limited
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06)
ISIN Number: ZAE000000253 Share Code: AFL
(`Aflease`)
ADR program real-time pricing - level II Montage
Aflease has American Depositary Receipts (`ADR`) listed on NASDAQ. Each ADR
represents 1 ordinary share of the Company and is listed on the American
Depositary Register Level 1.
One of the problems experienced with the ADR program is the lack of real-time
trade information and the ability of market participants to see the market depth
and the details of the market makers dealing in our ADR program.
Pink Sheets provides a service that increase the transparency of information
available in the OTC markets so as to make trading more efficient through the
Internet by increasing the quality, timeliness and value of its information and
services. Pink Sheets is also a source of competitive market maker quotations,
historical prices and corporate information about OTC issues and issuers.
Aflease has therefore created a link to the above information on its website
(www.aflease.com), whereby our investors and stakeholders can be kept up-to-date
with real-time quotes of the ADR`s as well as indicating the level II bid and
ask quotes from each individual market maker. This information is also available
on the Pink Sheets website at `www.pinksheets.com`.
How to access the information
On the opening page to our website, there is a tab under the index entitled `ADR
Program`. Once this is opened, you will see a table indicating the market maker
names along with their contact details. This information can be utilized by
investors, market makers or arbitrageurs if you have any queries with regards to
a specific market maker or should the investor wish to direct his broker to a
specific bid or offer.
This further link on our ADR webpage opens a window linking the investor
directly to the Pink Sheets website showing the activity on the Aflease ADR`s.
Indicated is the market maker with the bid price and number of shares, as well
as the market maker with the asking price and number of shares. This information
is updated on a real-time basis, evidenced by the screen refreshing on a
continual basis. Other information available on this screen includes historical
trade data over various lengths of time.
The trade data with regard to our ADR`s is reflected below this table. This
trade data includes various ratio`s, percentages and statistical information
that can be utilized by existing and potential investors. This trade
information is delayed by 15 minutes as opposed to the bids and offers which are
real-time.
Conclusion
Aflease has taken note of shareholder requests for transparent pricing in its
OTC Nasdaq listing. This update to our website and making use of the Pink Sheets
services have enabled us to offer transparent pricing on a real-time basis to
all our stakeholders.
The company continues to evaluate which markets are best for a secondary listing
in the North American markets.
Johannesburg
15 November 2004
Sponsor
Nedbank Capital
Date: 15/12/2004 09:46:09 AM
Produced by the JSE SENS Department
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