An ADC is a bearer security certifying entitlement to the delivery of the underlying security.
OeKB as provider of ADCs
Commissioned by a commercial bank to issue ADCs, OeKB holds the underlying securities and imparts to the ADC holder all rights and obligations deriving from the holding of these securities. ADC holders are deemed legally equal to direct shareholders with regard to the rights of a shareholder (e.g. right to participate, vote and ask questions in general meetings as well as the right to receive dividends and to take part in corporate actions).
It is in particular for foreign companies wishing to make their registered securities already listed on a foreign stock exchange tradeable on the Vienna Stock Exchange that OeKB issues ADCs.
The price corresponds to the underlying security
Due to its function it is not possible that the ADC undergoes independent price movements. The price movements of the ADC regularly correspond to those of the underlying security on the foreign stock exchange. If the underlying securities are not listed on any stock exchange, the price of the ADC is based directly on the value of the underlying security.