Telecom intends to deregister its American Depository Receipts (ADRs) and ordinary shares under the U.S. Securities Exchange Act.
The company plans to file a Form 15F with the U.S. Securities and Exchange Commission (SEC) to terminate the registration of Telecom’s ADRs and ordinary shares under the Exchange Act.
Telecom's obligation to file certain reports with the SEC, including Forms 20-F and 6-K, will be suspended immediately after the filing of the Form 15F, and its reporting obligations will be terminated 90 days after.
Telecom had already delisted its ADRs from the New York Stock Exchange in July 2012. It currently provides a sponsored ADR programme in conjunction with Bank of New York Mellon in the U.S. on the over-the-counter (OTC) market to enable investors to trade ADRs. According to the firm, both the sponsored ADR programme and the trading of ADRs on the OTC market will continue even after the deregistration under the Exchange Act.
The company’s ordinary shares will remain listed on the NZX main board and the Australian Securities Exchange.
The company stated that it will continue to post electronic versions of its annual reports, interim financials and press releases on its web site.
Following the name change to Spark New Zealand, these reports will be made available on its new website.