Spark exits New York stock exchange | Stuff.co.nz
Spark exits New York stock exchange
Last updated 13:58 02/09/2014
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Spark has deregistered its shares in the United States.
Spark delisted the special shares, called American Depository Receipts (ADRs), that had been quoted on the NYSE in 2012 to cut its compliance costs.
At the time, ADRs accounted for about 15 per cent of the company’s equity.
However, it hadn’t been able to deregister the shares and do away with the need to provide additional reporting under the US’ Securities Exchange Act until now, when trading in ADRs fell to represent less than 5 per cent of the total trading volume in Spark’s equity.
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The NYSE has a stricter and more complex disclosure regime than the NZX, and Spark said the decision to delist from the exchange would save money.
Investors are still be able to trade ADRs “over the counter” in the US through a facility run by Bank of America Mellon.
Spark shares climbed above $3 for the first time in more than five years last week and were trading unchanged at $3.02 in morning trading.
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