21st May 2010 14:30
British Sky Broadcasting Group Delisting and Deregistration Update
On 30 April 2010, British Sky Broadcasting Group (the "Company") announced its intention to delist its American Depositary Shares ("ADSs") from the New York Stock Exchange and to terminate its registration and reporting obligations under the Securities Exchange Act of 1934 (the "Exchange Act"). Each ADS represents four Sky ordinary shares, evidenced by American Depositary Receipts ("ADRs").
The listing of the Company's ADSs on the New York Stock Exchange terminated on 19th May. In addition, the Company today filed a certification on Form 15F with the U.S. Securities and Exchange Commission ("SEC") to terminate the registration of its ordinary shares under Section 12(g) of the Exchange Act and to terminate its reporting obligations under Sections 13(a) or 15(d) of the Exchange Act. The Company's SEC reporting obligations are suspended upon the filing, and the terminations are expected to become effective on or about August 18, 2010 (90 days after the filing of Form 15F).
The Company intends to maintain its ADR facility as a Level 1 ADR programme. This means that the Company's ADSs will be traded on the US over-the-counter market. Sky currently expects that its ADSs will be quoted on OTCQX. The Company's ordinary shares will continue to trade on the London Stock Exchange.
Analysts & Investors:
Francesca Pierce: 020 7705 3337
Alison Dolan: 020 7705 3623
Related Shares:
Sky