What is the effect of the change in share capital of December 2006, on SAP stock and ADRs?
After the close of stock exchange business on Wednesday, December 20, 2006, SAP AG shareholders received three additional shares (“bonus” shares) for each share they already held. As a result of the change in share capital, the ratio between the ADR and the underlying ordinary shares changed from 4:1 to 1:1, meaning that now one SAP ADR is the equivalent of one SAP ordinary share. ADR holders did not receive additional ADRs.
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