TNT completes delisting from New York Stock Exchange
Following its announcement on 25 May 2007, TNT N.V. announces that the delisting of its American Depositary Receipts (‘ADRs’) from the New York Stock Exchange is effective as from today.
TNT’s American Depositary Receipt facility continues as a Level I program with Citibank, N.A. as depositary. TNT’s ADRs will be traded on the over-the-counter market. TNT has not arranged for the listing of the ADRs or its ordinary shares on any other national securities exchange or for the quotation of its shares in a quotation medium in the United States. TNT’s ordinary shares will continue to be traded on Euronext Amsterdam.
Furthermore, today TNT has filed a Form 15F with the U.S. Securities and Exchange Commission to deregister and terminate its reporting obligations under the U.S. Securities Exchange Act of 1934 (‘Exchange Act’). TNT’s obligations under the Exchange Act are suspended as from today. By operation of law, the deregistration will become effective 90 days after the filing, i.e. September 16, 2007. TNT reserves the right to withdraw the Form 15F for any reason prior to its effectiveness. TNT will continue to publish its annual report, accounts and similar communications on its website, http://group.tnt.com.
As announced on May 25 2007 TNT has established that the benefits of U.S. registration and a NYSE listing have declined over time. TNT’s ADR programme is small and the majority of shares in TNT held by U.S. domiciled investors are acquired through Euronext Amsterdam. The average ADR trading business volume is less than five percent of the total volume in the recent twelve month period. TNT furthermore has limited business presence in the U.S. after the recent sale of its logistics and freight management activities. Due to globalisation of capital markets TNT expects it can fully satisfy its current and future capital requirements based on its financial standing, without having a cross listing on the NYSE and Euronext Amsterdam. TNT has also taken into account the regulatory, legal, reporting and governance complexity and costs of complying with these two registrations.
