Hellenic Telecommunications Organization SA (ASE: HTO; NYSE: OTE) today announced that it intends to delist its American Depositary Receipts (“ADRs”) from the New York Stock Exchange (“NYSE”) and to deregister and terminate its reporting obligations under the Securities Exchange Act of 1934 (“the Exchange Act”). OTE΄s Board of Directors approved the decision at its meeting yesterday. OTE expects the delisting and deregistration to become effective within the second half of 2010.
OTE΄s decision to delist from the NYSE is aimed at cutting administrative costs, reducing complexity in financial reporting, and concentrating trading of its shares on the market providing the highest liquidity, the Athens Stock Exchange. OTE remains committed to serve its investor base in the US, to comply with the highest standards of corporate governance, and to provide comprehensive and transparent English-language financial reporting. OTE will provide written notice to the NYSE of its intention to delist. OTE also intends to file the related Form 25 with the SEC. Once the delisting has become effective and the Company meets the criteria for deregistration, it intends to file Form 15F with the SEC in order to deregister its equity securities.
OTE intends to maintain an American Depositary Receipt program on a so-called “Level I” basis in order to enable investors to trade ADRs in the US over-the-counter (OTC) market.
OTE reserves the right, for any reason, to delay these filings or to withdraw them prior to their effectiveness, and to otherwise change its plans in this regard.
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