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Posted at 22/9/2009 14:38 by grupo 2nd UPDATE: Allianz To Delist From NYSE,Some Europe Exchanges(Adds detail, background.) By Ulrike Dauer Of DOW JONES NEWSWIRES FRANKFURT -(Dow Jones)- Allianz SE (AZ), Europe's largest primary insurer by gross premium income, Tuesday said it would delist from the New York Stock Exchange (NYX) and other European stock exchanges in a move to reduce reporting complexities. The U.S. delisting will affect its American Depositary Shares and 8.375% undated-subordinated callable bonds for which the last trading day will likely be around Oct. 23, Allianz said. Subsequently, it will also delist ordinary shares on the London, Milan, Paris and Swiss stock exchanges to focus on the Frankfurt Xetra trading platform as the market with the highest liquidity for trading Allianz shares. Allianz, which had been listed in the U.S. since Nov. 3, 2000, said the decision won't affect its strategy nor its geographic presence in markets but that it is an adjustment to international stock-trading practices. "Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets," Chief Financial Officer Paul Achleitner said. "The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares." The delisting on all exchanges will save a "midsize single-digit million euros amount annually," an Allianz spokesman said. Allianz noted that in recent years, trading of Allianz shares on non-German stock exchanges accounted on average for significantly less than 5% of the total trading of Allianz shares, despite the fact that about 70% of Allianz shares are held by investors outside of Germany. The delistings are likely an efficiency-boosting measure as they will reduce reporting requirements, said Merck Finck analyst Konrad Becker, who rates the share at buy. Allianz said it plans to maintain its American Depositary Receipt program on a so-called "Level I" basis in order to enable investors to trade ADSs in the U.S. over-the-counter market. Level 1 shares can only be traded on the OTC market and the company has minimal reporting requirements with the U.S. Securities and Exchange Commission. For instance, it isn't required to issue quarterly or annual reports in compliance with U.S. GAAP. However, the company must have a security listed on one or more stock exchange in a foreign jurisdiction and must publish its annual report in English on its Web site to that country's standards. The fact that less than 5% of shares was traded outside Xetra despite the majority of foreign shareholders signals that the U.S. listing likely didn't meet expectations such as broadening the shareholder base, raising attention for the share and using the share as acquisition currency, analyst Becker said. He said the figures prove that the broader shareholder base can be reached without a U.S. listing. "Apparently, international investors don't mind that they have to get on Xetra for trading the share," Becker said. He said the decision will concentrate liquidity and raise the trading volume on Xetra, but said the impact would be limited. The decision doesn't mean that Allianz will exit from the U.S. market nor that it will abandon plans to grow there, but it could encourage other players to rethink their U.S. listing, Becker said. Allianz is joining the ranks of a number of European companies that have delisted their shares from NYSE over the past two years. These include German utility E.ON AG (EOAN.XE), chemicals and pharmaceuticals giants Bayer AG (BAY.XE) and BASF SE (BAS.XE), British Airways PLC (BAY.LN) and Danone SA (BN.FR), which all delisted in 2007, citing reduced complexity, reporting requirements and costs. Bayer said it expected to save EUR15 million annually. Most recently, semiconductor producer Infineon Technologies AG (IFX.XE) announced that it would drop its U.S. listing, which became effective April 24. However, a number of large players such as Siemens AG (SI) and Daimler AG (DAI) said a withdrawal from NYSE wasn't in the works. "A U.S. delisting is not an issue for us because the listing gives us better access to the U.S. capital market," a spokesman for premium car manufacturer Daimler AG said. "We continuously monitor the benefit of our foreign listing. A withdrawal from NYSE isn't currently on the agenda," a Siemens spokesman said. Siemens shares are listed on NYSE, London and in Switzerland, in addition to German exchanges, he said. Company Web site: www.allianz.com -By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjone (Doug Cameron in Chicago and Vladimir Guevarra in London contributed to this article.) |
Posted at 22/9/2009 08:19 by grupo Allianz Intends To Delist From NYSE, Some European MarketsFRANKFURT -(Dow Jones)- German insurance group Allianz SE (AZ) said Tuesday it intends to delist its instruments on the New York Stock Exchange as well as some European stock exchanges. MAIN FACTS: -Allianz will delist its American Depositary Shares and Undated Subordinated Callable Bonds on the New York Stock Exchange. -Thereafter, it will also delist ordinary shares on the London, Milan, Paris and Swiss stock exchanges. -The moves won't affect Allianz's strategy nor its geographic presence in markets. -Allianz aims to focus on the Frankfurt Xetra trading platform as the market with the highest liquidity, used by the majority of international investors. -Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500 |
Posted at 22/8/2007 09:16 by waldron E.On U.S. parent to delist from NYSEBusiness First of Louisville - 2:51 PM EDT Tuesday, August 21, 2007 Print this Article Email this Article Reprints RSS Feeds Most Viewed Most Emailed E.On AG, the parent company of Louisville-based E.On U.S., plans to delist from the New York Stock Exchange. "Delisting and deregistration do not affect E.On's business strategy in the United States," E.On CFO Marcus Schenck said in a news release. "Our sole purpose is to reduce administrative complexity and costs. We remain committed to the highest standards of corporate governance and transparent financial reporting and will continue to maintain an open and direct dialog with our U.S. investors." The Düsseldorf, Germany-based company, which trades under the ticker symbol "EON," expects the delisting to become effective after the market closes on Sept. 7. Its shares will continue to be traded on the Frankfurt Stock Exchange. E.On said it will continue to make English translations of its annual reports, financial statements and financial press releases available on its Web site, ww.eon.com. E.On U.S. is the parent company of Louisville Gas & Electric Co. and Kentucky Utilities Co. |
Posted at 02/8/2007 22:03 by waldron August 02, 2007 02:45 AM Eastern Daylight Time Lafarge Announces Intention to Apply for Delisting from New York Stock Exchange PARIS--(BUSINESS WIRE)--Lafarge announces its intention to apply for the voluntary delisting of its American Depositary Receipts (ADRs) from the New York Stock Exchange (NYSE). This delisting will be followed by an application to deregister under the Securities and Exchange Act of 1934. The delisting is expected to take effect in September 2007. The main reasons behind this decision are as follows: Lafarge notes recent changes, in particular the merger of the New York Stock Exchange and Euronext. Lafarge is listed on Euronext, where the average trading volume has accounted for close to 99% of trading in its securities. Lafarge ADR trading volume has remained very low since 2002, accounting for around 1% of the total shares traded over recent years (volumes adjusted to reflect the 1 share to 4 ADRs ratio). Lafarge was one of the very first European groups to be compliant with section 404 of the Sarbanes-Oxley act, attesting to the transparency and quality of the Group's internal processes. Lafarge remains committed to maintaining high standards of internal controls and financial information. Lafarge intends to maintain its ADR program as a "level one" program, to enable investors to retain their ADRs. NOTES TO EDITORS Lafarge is the world leader in building materials, with top-ranking positions in all of its businesses: Cement, Aggregates & Concrete and Gypsum. With 71,000 employees in over 70 countries, Lafarge posted sales of Euros 17 billion and net income of Euros 1.4 billion in 2006. Lafarge is the only company in the construction materials sector to be listed in the 2007 '100 Global Most Sustainable Corporations in the World'. Lafarge has been committed to sustainable development for many years, pursuing a strategy that combines industrial know-how with performance, value creation, respect for employees and local cultures, environmental protection and the conservation of natural resources and energy. To make advances in building materials, Lafarge places the customer at the heart of its concerns. It offers the construction industry and the general public innovative solutions bringing greater safety, comfort and quality to their everyday surroundings. Additional information is available on the web site at www.lafarge.com. |
Posted at 29/7/2007 09:47 by waldron July 25, 2007 05:00 PM Eastern Daylight Time Technip to Apply for the Delisting of Its American Depositary Shares (ADS) from the New York Stock Exchange and Deregistration with the Securities and Exchange Commission (SEC) PARIS--(BUSINESS WIRE)--Regulatory News: On July 25, 2007, the Board of Directors of Technip (Paris:TEC) (NYSE:TKP) (ISIN:FR0000131708) approved management's recommendation to apply for voluntary delisting of its American Depositary Shares (ADS) from the New York Stock Exchange (NYSE) and voluntary deregistration with the U.S. Securities and Exchange Commission (SEC). Accordingly, Technip intends to file the required forms with the SEC on August 6, 2007. It is expected that the delisting will take effect as of August 16, 2007, and the deregistration will become final on November 6, 2007, after the applicable 90-day waiting period. The rationale for delisting and deregistration is principally based on the following: Technip is primarily listed on Euronext, which is now part of NYSE-Euronext, where the average trading volume accounted for more than 95% of trading over the last twelve months, making the additional costs and expenses associated with dual registration not cost-justified, since 2005, Technip Group has established its accounts in accordance with International Financial Reporting Standards (IFRS). It therefore no longer considers it necessary to publish its consolidated accounts under two accounting standards. Technip remains committed to developing its contacts with American investors, who represent an important part of the Group's shareholding structure. The Group intends to maintain its American Depository Receipt (ADR) program at "level one". This will enable investors to retain their ADRs and facilitate trading on the U.S. Over-The-Counter (OTC) market. Technip will continue to publish its financial reports, statements and press releases in English as well as information for investors on its website (www.technip.com) pursuant to section 12g3-2(b) of the U.S. Securities Exchange Act. The delisting of Technip's ADS and deregistration will have no impact on the listing of Technip's shares on the Euronext's Eurolist. With a workforce of 22,000 people, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and Paris. The Group's main operations and engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction. Contacts Technip Public Relations Laurence Bricq, +33 (0) 1 47 78 26 37 E-mail: lbricq@technip.com or Investor and Analyst Relations Xavier d'Ouince, +33 (0) 1 47 78 25 75 E-mail: xdouince@technip.com or Group website |
Posted at 27/2/2005 11:58 by deehill Truly I believe a 'real' con man never retires, because he cant. Entirely unconnected, of course, we have Mr Shakesby, at 65 a mere five years younger than me, up and jumping into a directorship of the latest, new 'star' company Tarquin Investments.Somebody does comment on his directorship of Toledo Mining and, forlornly, hopes that it might mean BIG things. Strangely, nobody notices that Mr Shakesby is a Director of his own little outfit, called Shakesby Invs Pty. Possibly, beleagured investors in Quiktrak MIGHT divine where their money is going, the part they havent already lost,that is. May I add my congratulations on Mr John Scott's retirement and my relief that he actually exited without someone taking legal proceedings, to retain his services, that is. |
Posted at 08/2/2005 11:10 by jwoody1971 daz2004 , i notice annie richards also works for toledo as well as quiktrak (soon to be tarquin resources)as investor relations!! |
Posted at 05/2/2005 22:14 by scripophilist This thread is hilarious. I used it last week during a talk to illustrate how and why companies can raise money from private investors despite having no demonstrable business. The audience thought I made it up. |
Posted at 30/9/2004 21:29 by responsible lad I was a regular on Money Extra before I had even heard of ADVFN. When Money Extra closed down I went on to Investors Revolution as Gamer2000 and Vosneter. Then I discovered ADVFN and that is my regular and is much better than any of them overall. |
Posted at 30/9/2004 20:42 by vinyy I accept this rise today with open arms, but this dog still owes shareholdersloads when you consider the huge drops of late, lets hope the rumours are true, and investors can claw some dollars back........I don't own but do follow... ....Anyone in at the 1.25/1.50 level well done..........VINYY |
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