Sims Metal to delist ADRS from the NYSE
Sims Metal Management Limited intends to voluntarily delist its American Depositary Receipts (ADRs) from the New York Stock Exchange (NYSE).
Following the NYSE delisting, the company’s securities will not be listed on any national securities exchange in the U.S. The company expects to retain an ADR program in the U.S. on the over-the-counter (OTC) market, in order to enable investors to continue to trade the company’s ADRs. Trading on the OTC market is expected to commence on or about the date the company’s ADRs are delisted from the NYSE. The company’s ordinary shares are entirely unaffected by this decision and will continue to be listed on the Australian Securities Exchange.
The company will eventually seek to deregister from the U.S. securities market. When accomplished, deregistration will reduce administrative costs and the complexity that is associated with a dual listing in both the U.S. and Australia. Deregistration cannot occur until criteria relating to average daily trading volume or the number of holders of the ADRs are met, not anticipated until October 2014 at the earliest.