UK-based telecom giant BT Group plc (BT) announced today that it intends to delist its ADR from the New York Stock Exchange(NYSE). The last day the ADR will trade on the NYSE is Sept 13, 2019. The ADR program will be fully terminated by Sept 23, 2019.
From the press release:
BT Group plc (BT) will today provide written notice to the New York Stock Exchange (NYSE) of its intention to delist its American Depositary Shares (ADSs). In relation to the delisting, BT intends to file a Form 25 with the US Securities and Exchange Commission (SEC) on 3 September 2019 and expects the delisting will become effective following the close of the market in New York on 13 September 2019, from which time BT’s ADSs will no longer be traded on the NYSE.
BT has today notified JPMorgan Chase Bank, N.A. (JPMorgan), as its American Depositary Receipts (ADR) programme depositary, of its intention to terminate the ADR programme. BT expects that termination of its ADR programme will become effective on 23 September 2019.
Following delisting and termination of its ADR programme, BT intends to file a Form 15F with the SEC to deregister its equity securities at the earliest possible date, following the minimum 12 month waiting period from the date of ADR termination and subject to meeting the criteria for deregistration at that time. Deregistration is expected to become effective 90 days after the filing of the Form 15F.
BT’s subsidiary, British Telecommunications plc, will today file a Form 15F with the SEC to deregister all of its registered debt securities and expects deregistration to become effective 90 days later.
BT’s decision to delist and deregister is aimed at reducing reporting costs and complexity whilst maintaining the highest standards of corporate governance and transparent financial reporting. BT’s ADR programme comprises c.2.0% of its shares in issue. Investors based in North America hold c.20.0% of BT’s shares in issue.
Source: BT
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