Ocean Power Technologies’ Cancellation of Trading on AIM
December 02 2010 - 2:00AM
Business Wire
Ocean Power Technologies, Inc. (“OPT” or the “Company”)
announces that it intends to cancel the admission of its common
shares (the “Shares”) to trading on the AIM Market (“AIM”) of the
London Stock Exchange (the “Cancellation” or “de-listing”). It is
anticipated that the Cancellation will become effective at 07.00
GMT on Friday, 14 January 2011.
OPT will maintain its listing on NASDAQ Global Market
(“NASDAQ”), which accounts for the bulk of the trading in its
shares, and is facilitating an orderly transfer of its UK-held
Shares to the US stock processing system.
Reasons for the De-listing
In arriving at the decision to de-list from AIM, the Directors
of OPT have taken the following matters into account:
(i) the relative inactivity, in terms of
share trading volume, of the Shares on AIM compared to that on
NASDAQ;
(ii) the removal of the ongoing costs
associated with the Company’s continuing compliance with the AIM
Rules and maintaining the quotation; and
(iii) the Company’s securities will continue
to be traded on NASDAQ.
OPT was admitted to AIM in October 2003 and subsequently
obtained a listing on NASDAQ in April 2007. Since being listed on
NASDAQ, the Company’s stock has experienced significantly higher
liquidity in the US market compared with AIM. This is based on data
provided by Yahoo Finance, NASDAQ and AIM with respect to average
daily volume of Shares traded and the average number of monthly
trades.
For these reasons, the Directors of OPT believe that the burden
of maintaining the AIM quotation outweighs the benefits that the
Company receives from its listing on AIM. The Directors unanimously
agree that the de-listing will not interfere with, or inhibit, the
Company’s business. The Directors have therefore concluded that it
is in the best interests of the Company and its shareholders to
cancel its admission to AIM and maintain the listing of its
securities on NASDAQ to enable all shareholders to continue to
trade their Shares in the future.
Ocean Power Technologies Limited, based in Warwick, UK, remains
fully committed to growing OPT’s business in the United Kingdom and
Europe.
Effect of the De-listing
The principal effects of the de-listing will be:
- The Shares will no longer be traded on
AIM
- The Company’s Depositary Interest and
CREST facility will be cancelled
- The Company will no longer be required
to comply with the AIM Rules or any of the corporate governance
requirements for companies trading on AIM
- Nomura Code Securities will cease to be
the nominated advisor and broker to the Company
- The Company will maintain its listing
on NASDAQ, where its Shares will continue to be traded, and it will
continue to comply with all the obligations of NASDAQ and the
Securities and Exchange Commission rules in the US. All holders on
the UK register on 19 January 2011 will be placed on the US
register and will be issued a Direct Registration System (“DRS”)
advice statement by the Company’s registrar and transfer agent,
Computershare
- The Shares will remain freely
transferable
Prior to 14 January 2011, shareholders may continue to have
their Depositary Interests cancelled and have the underlying shares
deposited into the US stock processing system, the Depository Trust
& Clearing Corporation (“DTCC”), by contacting the UK-based
Global Transaction Unit of Computershare at +44 (0)870 702 0003,
ext. 1075.
Shareholders wishing to ask further questions about this process
should contact Computershare at +44 (0)870 703 6162 or the
Company’s CFO and company secretary, Brian Posner, on +1 609 730
0400, ext. 242.
Expected Timetable
13 January 2011 at 16.30 GMT Trading of Shares held as UK
Depositary Interests ceases 14 January 2011 at 07.00 GMT
Cancellation of trading on AIM becomes effective 18 January
2011 at 16.30 GMT Shares held as UK Depositary Interests are
transferred to the NASDAQ listing and such Shares will be placed on
the US Register in the Direct Registration System the following day
Forward-Looking Statements
This release may contain "forward-looking statements" that are
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
reflect the Company's current expectations about its future plans
and performance, including statements concerning the impact of
marketing strategies, new product introductions and innovation,
deliveries of product, sales, earnings and margins. These
forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks
and uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by
the Company. Please refer to the Company's most recent Form 10-K
for a further discussion of these risks and uncertainties. The
Company disclaims any obligation or intent to update the
forward-looking statements in order to reflect events or
circumstances after the date of this release.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock
Exchange AIM: OPT) is a pioneer in wave-energy technology that
harnesses ocean wave resources to generate reliable and clean and
environmentally-beneficial electricity. OPT has a strong track
record in the advancement of wave energy. The Company participates
in a $150 billion annual power generation equipment market. OPT’s
proprietary PowerBuoy® system is based on modular, ocean-going
buoys that capture and convert predictable wave energy into clean
electricity. The Company is widely recognized as a leading
developer of on-grid and autonomous wave-energy generation systems,
benefiting from over a decade of in-ocean experience. OPT is
headquartered in Pennington, New Jersey with an office in Warwick,
UK. More information can be found at
www.oceanpowertechnologies.com.
Ocean Power Technologies (LSE:OPT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ocean Power Technologies (LSE:OPT)
Historical Stock Chart
From Aug 2023 to Aug 2024