Coca-Cola HBC AG Intention to delist from the NYSE (8586K)
June 30 2014 - 2:09AM
UK Regulatory
TIDMCCH
RNS Number : 8586K
Coca-Cola HBC AG
30 June 2014
FOR IMMEDIATE RELEASE
Coca-Cola HBC AG
Intends to delist from the New York Stock Exchange and
deregister its shares with the U.S. Securities and Exchange
Commission
Zug, Switzerland - 30 June 2014 - Coca-Cola HBC AG ("Coca-Cola
HBC") today announces that its Board of Directors has resolved to
apply for the delisting of its American Depositary Receipts
("ADRs") from the New York Stock Exchange ("NYSE"), the termination
of its ADR programme, and the deregistration and termination of its
reporting obligations under the U.S. Securities Exchange Act of
1934. Delisting is expected to become effective on or around 24
July 2014. Coca-Cola HBC's ADR programme is expected to be
terminated on or around 1 August 2014.
Since our premium listing on the London Stock Exchange on 29
April 2013, the United Kingdom has become the principal trading
market for our shares, accounting for more than 85% of total
trading volume over the 12 months ended 18 June 2014. In contrast,
only 1.4% of our shares were held in the form of ADRs as at 18 June
2014, with trading volume in the United States accounting for
approximately 1.3% of the total trading volume over the preceding
12 months. On the grounds that our ADR programme is not a
significant contributor to facilitating trading in our securities,
we have concluded that the benefits of reduced administrative
complexity exceed those of continuing the programme.
Michalis Imellos, Chief Financial Officer of Coca-Cola HBC,
commented: "Our premium listing on the London Stock Exchange, where
the vast majority of our shares are being traded, will continue to
facilitate trading in our securities. We remain committed to
engaging with the U.S. investment community through continued open
dialogue and regular investor roadshows."
Estimated delisting and deregistration timeline
30 June Delivery of written notice to NYSE of intent
to delist
14 July Expected filing with the SEC of Form 25 to
delist ADRs from the NYSE
24 July Delisting from NYSE pursuant to Form 25 expected
to become effective
1 August Expected termination of ADR programme
Early to mid-August Expected filing with the SEC of Form 15F to
deregister from reporting obligations under
the US Securities Exchange Act of 1934
Early to mid-November Deregistration and permanent termination of
such reporting obligations expected to become
effective 90 days after Form 15F filing
Additional information for ADR holders
Coca-Cola HBC has not arranged for the listing or registration
of the ADRs on another U.S. national securities exchange or for
their quotation in a quotation medium in the United States.
Coca-Cola HBC has directed Citibank, N.A., as depositary
("Citibank"), to terminate Coca-Cola HBC's ADR programme.
Consequently and in accordance with the deposit agreement, Citibank
will provide 30 days' notice of termination to all ADR holders.
Prior to termination of the deposit agreement on or around 1 August
2014, ADR holders are entitled to surrender their ADRs to Citibank
for cancellation, and upon payment of the applicable fees of up to
$0.05 per American Depositary Share plus taxes and charges as
provided in the deposit agreement, receive the underlying shares of
Coca-Cola HBC. Following termination of the deposit agreement,
Citibank will discontinue registration of transfers of the ADRs and
suspend the distribution of dividends to ADR holders. Citibank has
informed Coca-Cola HBC that it intends to establish an unsponsored
American depositary receipts programme in respect of the Coca-Cola
HBC shares. Citibank and Coca-Cola HBC have agreed to amend the
deposit agreement for the ADRs to provide that, promptly following
the termination of the deposit agreement (on or around 1 August
2014), any American Depositary Shares that have not been
surrendered for cancellation (and remain outstanding) will be
exchanged by Citibank for the corresponding unsponsored American
depositary shares issued by Citibank (subject to a depositary fee
of up to $0.05 per ADS). Coca-Cola HBC is not and will not be
involved in any way with the establishment or maintenance of the
unsponsored American depositary receipts programme that Citibank
intends to establish.
Enquiries
Coca--Cola HBC Group
Basak Kotler
Investor Relations Tel: +41 41 726 0143
Director basak.kotler@cchellenic.com
Eri Tziveli
Investor Relations Tel: +30 210 618 3133
Manager eri.tziveli@cchellenic.com
Dimitris Bakas
Investor Relations Tel: +30 210 618 3124
Manager dimitris.bakas@cchellenic.com
International media
contact
StockWell Communications Tel: +44 20 7240 2486
Rob Morgan robert.morgan@stockwellgroup.com
Suzanne Bartch suzanne.bartch@stockwellgroup.com
Anushka Mathew anushka.mathew@stockwellgroup.com
Greek media contact
V+O Communications Tel: +30 211 7501219
Argyro Oikonomou ao@vando.gr
About Coca--Cola HBC
Coca-Cola HBC is the second-largest bottler of the brands of The
Coca-Cola Company in terms of volume with sales of more than 2
billion unit cases. It has a broad geographic footprint with
operations in 28 countries serving a population of approximately
585 million people. Coca-Cola HBC offers a diverse range of
non-alcoholic ready to drink beverages in the sparkling, juice,
water, sport, energy, tea and coffee categories. Coca-Cola HBC is
committed to promoting sustainable development in order to create
value for its business and for society. This includes providing
products that meet the beverage needs of consumers, fostering an
open and inclusive work environment, conducting its business in
ways that protect and preserve the environment and contribute to
the socio-economic development of the local communities.
Coca-Cola HBC has a premium listing on the London Stock Exchange
(LSE: CCH) and its shares are listed on the Athens Exchange (ATHEX:
EEE). Coca-Cola HBC's American depositary shares (ADSs) are listed
on the New York Stock Exchange (NYSE: CCH). Coca-Cola HBC is
included in the Dow Jones Sustainability and FTSE4Good Indexes. For
more information, please visit
http://www.coca-colahellenic.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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