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- Release Date: 03/06/14 19:08
- Summary: GENERAL: TEL: Telecom - Intention to deregister from SEC in US
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TEL
03/06/2014 17:08
GENERAL
REL: 1708 HRS Telecom Corporation of New Zealand Limited
GENERAL: TEL: Telecom - Intention to deregister from SEC in US
Market Release
3 June 2014
TELECOM CORPORATION OF NEW ZEALAND LIMITED ANNOUNCES PLANS TO DEREGISTER ITS
ADRS AND ORDINARY SHARES UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934
AUCKLAND, NEW ZEALAND, 3 June, 2014 - Telecom Corporation of New Zealand
Limited (Telecom)
announced today that it intends to deregister its American Depository
Receipts (ADRs) and ordinary shares under the U.S. Securities Exchange Act
(Exchange Act).
Telecom delisted its ADRs from the New York Stock Exchange in July 2012.
Telecom currently provides a sponsored ADR programme in conjunction with Bank
of New York Mellon in the U.S. on the 'over-the-counter' (OTC) market to
enable investors to trade ADRs. Following deregistration under the Exchange
Act, Telecom intends to continue to provide its sponsored ADR programme and
ADRs will continue to trade on the U.S. OTC market. Telecom's ordinary shares
will remain listed on the NZX Main Board and the Australian Securities
Exchange.
As Telecom has now met the criteria for deregistration, Telecom plans to file
a Form 15F with the U.S. Securities and Exchange Commission (SEC) to
terminate the registration of Telecom's ADRs and ordinary shares under the
Exchange Act. Upon the filing of the Form 15F, Telecom's obligation to file
certain reports with the SEC, including Forms 20-F and 6-K, will immediately
be suspended. Telecom expects that the deregistration of its ADRs and its
ordinary shares will become effective and Telecom's Exchange Act reporting
obligations will be terminated 90 days after the filing of the Form 15F with
the SEC.
Following deregistration of the ADRs, Telecom intends to continue to post
electronic versions of its
annual reports, interim financials and press releases on its web site
www.telecom.co.nz.
As Telecom has previously announced, it is intended that Telecom will become
Spark New Zealand Limited later this year. From the effective date of the
name change, Telecom's annual reports, interim financials and press releases
will be posted on its new web site www.spark.co.nz.
- ENDS -
For media queries, please contact:
Richard Llewellyn
Head of Corporate Communications
+64 (0) 27 523 2362
For investor relations queries, please contact:
Mark Laing
General Manager Corporate Finance
+64 (0) 27 227 5890
End CA:00251163 For:TEL Type:GENERAL Time:2014-06-03 17:08:46
