BT to delist its shares from the New York Stock Exchange
UK telco BT said it plans to delist its shares on the New York Stock Exchange and cease reporting to the US financial regulator, the Securities and Exchange Commission.
The company said it will file a Form 15F with the US Securities and Exchange Commission (SEC) today, to deregister all of its registered debt securities, and expects deregistration to become effective 90 days later.
The 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, the UK broadband, mobile, landline and TV content provider said.
The company said it will delist its American Depositary Shares from the New York Stock Exchange, terminate its American Depositary Receipts programme and to deregister its equity securities and terminate its reporting obligations with the SEC.
However, it insisted it will continue to positively engage with US debt investors, and its obligations to its existing bondholders will not be affected by the deregistration.
BT's shares, though, continue to trade on the London Stock Exchange, are were 1.5% higher at £1.66 following the news today.
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