ICI to delist ADS from NYSE, deregister from SEC

29 May 2007 15:55  [Source: ICIS news]

MUMBAI (ICIS news)--ICI on Tuesday said it intends to delist its American Depository Shares (ADS) from the New York Stock Exchange (NYSE), deregister the company and end its reporting obligations under the Securities Exchange Act of 1934.

 

The company said it intends to file a Form 25 with the Securities and Exchange Commission (SEC) and the NYSE on or about 8 June, 2007, to effect the delisting.

 

The delisting is expected to be effective 10 days after this filing.

 

“It no longer makes sense from a cost and administrative perspective to submit to the reporting obligations under the Exchange Act,” the company chief financial officer Alan Brown said.

 

ICI said it intends to maintain its American depositary receipt facility with Citibank, adding the ADS will be traded on the US over-the-counter market tier known as International OTCQX.

 

The company's ordinary shares will continue to trade on the London Stock Exchange (LSE).

By: Isha Jha
+65 6780 4359

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