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Telecom NZ to delist from NYSE
11 June 2012
NZ operator will continue to be listed on Australian and New Zealand stock exchanges
Telecom New Zealand will delist its NYSE-traded American Depositary Receipts from July 19 2012, as part of its cost cutting measures. The move will allow Telecom NZ to end its reporting obligations under US financial laws.
ADRs equate to 15% of the operator’s listed shares and the company will continue to offer them via the over-the-counter market in the US, the company said. The OTC market trading is expected to start on July 10 2012.
Nick Olson, Telecom Group’s chief financial officer said: “We are leaving no stone unturned in our drive to reduce costs and 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.”
The operator will continue to be listed on the Australian and New Zealand stock exchanges.
The move comes at the end of a long process which has seen Telecom NZ split off its fixed infrastructure to a completely separate company, Chorus. GTB
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