Wolseley to delist from NYSE
Industrial Distribution staff -- Industrial Distribution, 12/11/2007 6:28:00 AM
Hoping to garner roughly $8.2 million in annual savings, Wolseley plc plans to take itself off the New York Stock Exchange.The British building materials distributor said it will continue to offer its shares in the over-the-counter market in the United States on the International OTCQX exchange and on the London Stock Exchange.
The NYSE delisting, which will remove Wolseley’s American Depositary Receipts (ADR) from the exchange, will take effect 90 days after the company’s Dec. 21 filing with the federal Securities and Exchange Commission.
“This decision is entirely consistent with our objective of simplification, as it reduces costs and complexity without in any way detracting from the integrity of our governance and control procedures,” CFO Steve Webster said. “As only around 1 percent of our shares are held in the ADR program and the average trading volume for the year ended July 31, 2007, was less than 1 percent, we do not believe it is appropriate from a cost and administrative perspective to continue with the reporting obligations under the [Securities] Exchange Act. Our business strategy remains the same and North America is, and will continue to be, a key market for Wolseley; it currently accounts for approximately 50 percent of group revenue.”
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