The Governor and Company of the Bank of Ireland has delisted its ADRs from the NYSE. The ADR used to trade with the ticker IRE. The last trade on the exchange happened on Feb 12, 2015. Here is the ADR termination timeline from the bank’s investor relations site:
Expected delisting and ADR termination timeline
21 January 2015 – Group delivers written notice to NYSE of intent to delist Group delivers notice of termination of ADR facility to ADR depositary
12 February 2015 – Delisting from NYSE becomes effective
22 April 2015 – Termination of ADR facility
The official press release on this termination can be found here.
The bank’s ordinary would continue to trade on the Irish and London Exchanges. The bank stated that since ADR trading volumes were low it decided to terminate the DR facility.
The bank implemented a 1:10 reverse stock split on its ADR in October, 2011.
Holding Bank of Ireland ADRs in your portfolio?
Investors holding DRs have until April 22, 2015 to make their decision on if they want to retain their interest in the shares, according to a note by the depository BNY Mellon. You can find the full termination notice here.Until April 22nd, the ADR traded on the OTC market under the ticker IREBY. Currently the ADR does not trade on the OTC market.
The other Irish bank, Allied Irish Banks delisted from the NYSE in 2011.With the delisting of Bank of Ireland none of the banks from Ireland trade on the organized US exchanges any more.
Related:
Disclosure: No Positions
