ORBITAL RECEIVES NEW YORK STOCK EXCHANGE APPROVAL FOR CONTINUED LISTING
PERTH, AUSTRALIA: Orbital Engine Corporation Limited ("Orbital") today announced that its securities will continue to trade on the New York Stock Exchange (NYSE) subject to successful implementation of its business plan submission.
The NYSE accepted Orbital's submission of a business plan setting out corporate and strategic directions for the group.
In October 2002, Orbital announced that it had received notification from the NYSE of its non-compliance with the listing standard requiring the Company to maintain both a global market capitalisation and total shareholders' equity in excess of US$50 million.
In accordance with the relevant listing procedures, Orbital has recently submitted a business plan to the Listings and Compliance Committee of the NYSE demonstrating likely compliance over an 18 month period.
The NYSE also requires ADRs to trade at a price of not less than US$1.00. In October 2002, the Exchange notified Orbital of its non-compliance with this standard and requested the company address this matter in its business plan to achieve conformity within 6 months. Each Orbital ADR represents 8 fully paid ordinary shares in Orbital and a US$1.00 price is equivalent to approximately A$0.22 per ordinary share.
Orbital Chief Executive Officer Mr Peter Cook said he was delighted the NYSE had approved the submitted business plan.
"All shareholders should see this extremely positively," said Mr Cook.
"We now look forward to working towards our business plan goals and generating value for our shareholders worldwide".
OEC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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