24th Oct 2007 07:01
Rexam PLC24 October 2007 Rexam ADRs to trade on the US Over-the-Counter market Rexam, the global consumer packaging company, has chosen to trade its AmericanDepositary Receipt (ADR) as a Level 1 ADR Over-the-Counter (OTC) Program.Rexam's present ADR quotation on the Nasdaq Stock Market (Nasdaq) will bewithdrawn pending expiration of its "grandfathered" status which currentlyexempts the Company from registration requirements under the US SecuritiesExchange Act of 1934 (Exchange Act) and the Sarbanes-Oxley Act. It is expectedthat the ADRs will begin to trade on the OTC market from 21 November 2007. Rexam has operated its ADR Program on Nasdaq and its predecessors since 1956.Had Rexam decided to remain on Nasdaq, it would have had to register under theExchange Act before 1 August 2009 and thereafter comply with the Sarbanes-OxleyAct as well as the periodic reporting requirements under the Exchange Act,resulting in additional compliance and administrative costs. Investors in Rexam's current ADR will see no change to the Company's commitmentto the US capital markets. With the recent acquisition of OI Plastics, Rexam'spresence in the North American market has increased and this is being mirroredin the Company's heightened US investor relations activities. Rexam's compliance with UK reporting and governance requirements is unchanged bythis announcement and Rexam will continue to publish its annual and interimfinancial reports and press releases on its website, www.rexam.com. The ADR Program supplements Rexam's primary listing on the London Stock Exchangeand the number of ADRs in issue currently represents approximately 3% of Rexam'sshare capital. Rexam's ADR investors will continue to be able to deal in theCompany's ADRs through standard broker channels. 24 October 2007 Enquiries Rexam PLCDavid Robbie, Finance Director +44 20 7227 4100Sandra Moura, Head of Investor Relations Financial DynamicsRichard Mountain +44 20 7269 7186 Rexam is a leading global consumer packaging company and the largest beveragecan maker in the world. Our vision is to be the leading global consumerpackaging company. We are business partners to many of the world's most famousand successful consumer brands as well as young, entrepreneurial start-ups. Weoffer a broad range of packaging services and solutions for differentindustries. We have some 24,200 people in more than 20 countries. Three thingscharacterise us - leadership in our industry, our commitment to innovation andour passion to deliver exceptional value. Rexam has an ongoing turnover ofapproximately £3.6 billion and is a member of the FTSE 100. Rexam's ordinaryshares are listed with the UK Listing Authority and trade on the London StockExchange under the symbol REX. For further information, visit Rexam's web siteat www.rexam.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
REX.L