British Telecom plans to delist its American depositary shares from the New York Stock Exchange and terminate its American depositary receipt program.
In relation to the delisting, the company intends to file a Form 25 with the SEC on Sept. 3 and expects the delisting to become effective following the close of the market in New York on Sept. 13.
Also, BT plans to deregister its equity securities and the registered debt securities of its subsidiary, British Telecommunications PLC, in order to reduce reporting costs and complexity, the company said in an SEC filing. BT has not arranged for the listing or registration of its American depositary shares on another U.S. national securities exchange.
The company has directed JPMorgan Chase Bank NA to terminate the ADR program, and BT expects the termination to become effective Sept. 23.