Telstra confirmed its intention to withdraw the listing of its American Depositary Shares, evidenced by American Depositary Receipts (ADR), and the underlying ordinary shares from the New York Stock Exchange. In conjunction with the delisting, Telstra will be moving to an over-the-counter ADR program.
The securities will not be listed on any other exchange in the United States, but Telstra’s ordinary shares will continue to be listed on the Australian Stock Exchange.
On 21 March 2007, the U.S. Securities and Exchange Commission approved final rules that will make it easier for foreign companies such as Telstra to terminate their SEC registration. When the SEC’s deregistration rules become effective, Telstra intends to fully deregister from the SEC’s ongoing reporting obligations in order to reduce administrative burdens and costs.
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