UK pay-TV operator BSkyB has announced its intention to delist from the New York Stock Exchange.
Sky will delist its American Depositary Shares (ADSs) from the New York Stock Exchange and terminate its registration and reporting obligations under the Securities Exchange Act of 1934. Each ADS represents four Sky ordinary shares. The operator said that cost and administrative issues meant it was no longer appropriate to retain its SEC registration and NYSE listing.
Sky intends to maintain its ADR facility as a Level 1 ADR program and ADSs will be traded on the US over-the-counter market. Ordinary shares will continue to trade on the London Stock Exchange.
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