Telecom NZ plans to delist from NYSE

11 Jun 2012

According to the Wall Street Journal Telecom New Zealand plans to delist its shares from the New York Stock Exchange (NYSE) from 9 July as it attempts to bring down administration costs. The company has indicated that American depositary receipts (ADRs) equate to 15% of its listed shares, meaning that Telecom will retain an ADR programme in the US on the ‘over-the-counter’ market. Telecom Group chief financial officer Nick Olson commented: ‘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’. The telecoms firm will continue to be listed on the New Zealand and Australian stock exchanges.

New Zealand, Spark, Spark New Zealand Group