Telecom New Zealand is looking to delist its American depositary receipts (ADRs) from the New York Stock Exchange (NYSE) on 19 July in order to reduce administration costs.
“We are leaving no stone unturned in our drive to reduce complexity, and…
Telecom New Zealand is looking to delist its American depositary receipts (ADRs) from the New York Stock Exchange (NYSE) on 19 July in order to reduce administration costs.
“We are leaving no stone unturned in our drive to reduce complexity, and delisting from the NYSE is a logical step in this process. However, we remain committed to our US investor base and will retain high standards of corporate governance and continue to provide comprehensive and transparent financial reporting,” said Nick Olson, Telecom NZ CFO.
The company added that it will retain an ADR programme in the US, on the ‘over-the-counter’ (OTC) market, to enable investor to trade ADRs. Trading on the OTC market is scheduled to start on 10 July 2012.
Telecom NZ stressed that it will continue to be listed and traded on the New Zealand Exchange and the Australian Securities Exchange.
Meanwhile, the telecoms operator said that it remains on track to deliver adjusted EBITDA guidance of US$560m for H2 2012 and net earnings near the top end of the US$160m to US$190m guidance range.
