Telecom Corporation of New Zealand Ltd announces plans to deregister ADRs and ordinary shares under U.S. Securities Exchange Act Of 1934


Tuesday, 3 Jun 2014 01:55am EDT 

Telecom Corporation of New Zealand Ltd:Intends to deregister its American Depository Receipts (ADRs) and ordinary shares under U.S. Securities Exchange Act (Exchange Act).Telecom delisted its ADRs from New York Stock Exchange in July 2012.Telecom currently provides a sponsored ADR programme in conjunction with Bank of New York Mellon in the U.S. on the 'over-the-counter' (OTC) market to enable investors to trade ADRs.Following deregistration under the Exchange Act, Telecom intends to continue to provide its sponsored ADR programme and ADRs will continue to trade on the U.S. OTC market.Telecom's ordinary shares will remain listed on the NZX Main Board and the Australian Securities Exchange.As Telecom has now met the criteria for deregistration, Telecom plans to file a Form 15F with the U.S. Securities and Exchange Commission (SEC) to terminate the registration of Telecom's ADRs and ordinary shares under the Exchange Act.Upon the filing of the Form 15F, Telecom's obligation to file certain reports with the SEC, including Forms 20-F and 6-K, will immediately be suspended.Telecom expects that the deregistration of its ADRs and its ordinary shares will become effective and Telecom's Exchange Act reporting obligations will be terminated 90 days after the filing of the Form 15F with the SEC. 

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