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.
Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.
Browse Past Issues
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors