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ADR dividends are based upon the dividend 'entitlement' of ordinary shares. That is, if the underlying shares upon which an ADR is issued and delivered are cum-dividend, then the ADR is cum-dividend. The opposite scenario equally applies.
Westpac advises the Depositary bank of the intention to pay a dividend and the date that it will be paid. In turn the Depositary bank announces to the market the foreign pay date, that is, the date on which it will calculate and distribute the US dollar equivalent of the Australian dollar denominated dividend.
On the ADR pay date, JP Morgan funds the Depository Trust Company (DTC) and sends out cheques to the registered holders.
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