Cancellation of trading on AIM

 

TIDMOPT 
 
RNS Number : 2244X 
Ocean Power Technologies Inc 
02 December 2010 
 

                         CANCELLATION OF TRADING ON AIM 
 
Pennington, New Jersey - December 2, 2010 - Ocean Power Technologies, Inc. 
("OPT" or the "Company") announces that it intends to cancel the admission of 
its common shares (the "Shares") to trading on the AIM Market ("AIM") of the 
London Stock Exchange (the "Cancellation" or "de-listing"). It is anticipated 
that the Cancellation will become effective at 07.00 GMT on Friday, 14 January 
2011. 
 
OPT will maintain its listing on NASDAQ Global Market ("NASDAQ"), which accounts 
for the bulk of the trading in its shares, and is facilitating an orderly 
transfer of its UK-held Shares to the US stock processing system. 
 
Reasons for the De-listing 
 
In arriving at the decision to de-list from AIM, the Directors of OPT have taken 
the following matters into account: 
 
(i)   the relative inactivity, in terms of share trading volume, of the Shares 
on AIM compared to that on NASDAQ; 
 
(ii)  the removal of the ongoing costs associated with the Company's continuing 
compliance with the AIM Rules and maintaining the quotation; and 
 
(iii) the Company's securities will continue to be traded on NASDAQ. 
 
OPT was admitted to AIM in October 2003 and subsequently obtained a listing on 
NASDAQ in April 2007. Since being listed on NASDAQ, the Company's stock has 
experienced significantly higher liquidity in the US market compared with AIM. 
This is based on data provided by Yahoo Finance, NASDAQ and AIM with respect to 
average daily volume of Shares traded and the average number of monthly trades. 
 
For these reasons, the Directors of OPT believe that the burden of maintaining 
the AIM quotation outweighs the benefits that the Company receives from its 
listing on AIM. The Directors unanimously agree that the de-listing will not 
interfere with, or inhibit, the Company's business. The Directors have therefore 
concluded that it is in the best interests of the Company and its shareholders 
to cancel its admission to AIM and maintain the listing of its securities on 
NASDAQ to enable all shareholders to continue to trade their Shares in the 
future. 
 
Ocean Power Technologies Limited, based in Warwick, UK, remains fully committed 
to growing OPT's business in the United Kingdom and Europe. 
 
Effect of the De-listing 
 
The principal effects of the de-listing will be: 
 
·     The Shares will no longer be traded on AIM 
·     The Company's Depositary Interest and CREST facility will be cancelled 
·     The Company will no longer be required to comply with the AIM Rules or any 
of the corporate governance requirements for companies trading on AIM 
·     Nomura Code Securities will cease to be the nominated advisor and broker 
to the Company 
·     The Company will maintain its listing on NASDAQ, where its Shares will 
continue to be traded, and it will continue to comply with all the obligations 
of NASDAQ and the Securities and Exchange Commission rules in the US. All 
holders on the UK register on 19 January 2011 will be placed on the US register 
and will be issued a Direct Registration System ("DRS") advice statement by the 
Company's registrar and transfer agent, Computershare 
·     The Shares will remain freely transferable 
 
Prior to 14 January 2011, shareholders may continue to have their Depositary 
Interests cancelled and have the underlying shares deposited into the US stock 
processing system, the Depository Trust & Clearing Corporation ("DTCC"), by 
contacting the UK-based Global Transaction Unit of Computershare at +44 (0)870 
702 0003, ext. 1075. 
 
Shareholders wishing to ask further questions about this process should contact 
Computershare at [phone] or the Company's CFO and company secretary, 
Brian Posner, on [phone], ext. 242. 
 
Expected Timetable 
 
+---------------------------+---------------------------------------------+ 
| 13 January 2011 at 16.30  | Trading of Shares held as UK Depositary     | 
| GMT                       | Interests ceases                            | 
+---------------------------+---------------------------------------------+ 
| 14 January 2011 at 07.00  | Cancellation of trading on AIM becomes      | 
| GMT                       | effective                                   | 
+---------------------------+---------------------------------------------+ 
| 18 January 2011 at 16.30  | Shares held as UK Depositary Interests are  | 
| GMT                       | transferred to the NASDAQ listing and such  | 
|                           | Shares will be placed on the US Register in | 
|                           | the Direct Registration System the          | 
|                           | following day                               | 
+---------------------------+---------------------------------------------+ 
 
 
 
 
Forward-Looking Statements 
 
This release may contain "forward-looking statements" that are within the safe 
harbor provisions of the Private Securities Litigation Reform Act of 1995. These 
forward-looking statements reflect the Company's current expectations about its 
future plans and performance, including statements concerning the impact of 
marketing strategies, new product introductions and innovation, deliveries of 
product, sales, earnings and margins. These forward-looking statements rely on a 
number of assumptions and estimates which could be inaccurate and which are 
subject to risks and uncertainties. Actual results could vary materially from 
those anticipated or expressed in any forward-looking statement made by the 
Company. Please refer to the Company's most recent Form 10-K for a further 
discussion of these risks and uncertainties. The Company disclaims any 
obligation or intent to update the forward-looking statements in order to 
reflect events or circumstances after the date of this release. 
 
 
About Ocean Power Technologies 
 
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) 
is a pioneer in wave-energy technology that harnesses ocean wave resources to 
generate reliable and clean and environmentally-beneficial electricity. OPT has 
a strong track record in the advancement of wave energy. The Company 
participates in a $150 billion annual power generation equipment market. OPT's 
proprietary PowerBuoy  system is based on modular, ocean-going buoys that 
capture and convert predictable wave energy into clean electricity. The Company 
is widely recognized as a leading developer of on-grid and autonomous 
wave-energy generation systems, benefiting from over a decade of in-ocean 
experience. OPT is headquartered in Pennington, New Jersey with an office in 
Warwick, UK. More information can be found at www.oceanpowertechnologies.com. 
 
 
 
Contact information: 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| Charles F. Dunleavy, Chief Executive   | Telephone: [phone]      | 
| Officer                                |                                 | 
| Brian M. Posner, Chief Financial       |                                 | 
| Officer                                |                                 | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: [phone]     | 
+----------------------------------------+---------------------------------+ 
| Media Contact:                         |                                 | 
| Corfin Public Relations Limited        |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: [phone]     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
                                     ****** 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBIBDDCXGBGGB