Telecom NZ plans to delist from NYSE

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.