Coca-Cola HBC to Delist From New York Stock Exchange
Coca-Cola HBC is applying 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 its premium listing on the London Stock Exchange on 29 April 2013, the United Kingdom has become the principal trading market for Coca-Cola HBC’s 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 its ADR programme is not a significant contributor to facilitating trading in its securities, the Coca-Cola HBC board has concluded that the benefits of reduced administrative complexity exceed those of continuing the programme.
Michalis Imellos, Chief Financial Officer of Coca-Cola HBC, comments: “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.”
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.
