1st May 2007 07:02
Bunzl PLC01 May 2007 1 May 2007 BUNZL TO DELIST FROM THE NEW YORK STOCK EXCHANGE AND DEREGISTER FROM THE SECURITIES EXCHANGE ACT OF 1934 Bunzl plc, the international distribution and outsourcing Group, today announcesthat it intends to delist its American Depositary Shares ("ADS") from the NewYork Stock Exchange ("NYSE") and to end the registration of its securities underthe Securities Exchange Act of 1934 ("Exchange Act"). The average daily trading volume of shares represented by ADSs is very small,accounting for less than 1% of the total shares traded in the last 12 months,and the majority of shares held by US domiciled investors are ordinary sharesacquired through the London Stock Exchange. As a result the Board believes thatthe administrative burden and costs associated with the ADSs and the ExchangeAct registration outweigh the benefits to the Company and its shareholders. Bunzl expects that its application for delisting from the NYSE will be submittedso as to become effective on 4 June 2007 and that it will terminate its ExchangeAct reporting obligations with effect from 6 June 2007. The Company intends to maintain its American Depositary Receipt facility withthe Bank of New York as a Level 1 programme. This means that the Company's ADSswill be traded on the over-the-counter market. Accordingly the Company has notarranged for the listing of its ADSs or ordinary shares on another nationalsecurities exchange or for the quotation of its ADSs or ordinary shares in aquotation medium in the United States. The Company's ordinary shares willcontinue to trade on the London Stock Exchange. Bunzl remains fully committed to its business operations in the United Stateswhich it will continue to expand and develop. It also considers that UnitedStates investors are an important part of its overall shareholder base. Howeverit wishes to focus its share trading volume on the London Stock Exchange therebyreducing the costs and complexity of complying with two sets of regulations thatare substantively quite similar. After delisting and deregistration in theUnited States, Bunzl will continue to maintain strong internal controls and highstandards of corporate governance throughout the Group. Enquiries: Bunzl plc FinsburyMichael Roney, Chief Executive Roland RuddBrian May, Finance Director Mark HarrisTel: 020 7495 4950 Gordon Simpson Tel: 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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