Each ADS represents two ordinary shares and is evidenced by an American Depositary Receipt (ADR).
I thought that both ADRs and ADSs could be any multiple or even fraction of an underlying share?CCOVICH, slight correction (me being pedantic)
ADRs are the bundle of shares that can be 1 or more.
(AIB's quoted on the NYSE are ADRs.)
ADSs are equivalent to individual shareshttp://www.investopedia.com/terms/a/adr.asp