Amcor Announces Plans to Delist From NASDAQ and Deregister From SEC
May 10 2007 - 8:20AM
PR Newswire (US)
NEW YORK, May 10 /PRNewswire-FirstCall/ -- Amcor Limited
(ASX:AMC)(NASDAQ:AMCR) announced on May 2, 2007 that it intends to
voluntarily withdraw its American Depositary Receipts (ADRs) from
listing on The NASDAQ Stock Market LLC and to deregister its ADRs
and its ordinary shares under the U.S. Securities Exchange Act
after the recently adopted deregistration rules of the U.S.
Securities and Exchange Commission (SEC) become effective on June
4, 2007. Amcor expects to file a Form 25 with the SEC in early June
2007 to effect the delisting. The NASDAQ Stock Market will suspend
trading in the ADRs, each representing four Amcor ordinary shares,
ten days after the de-listing application is filed. Simultaneously
with the filing of its application to delist, Amcor plans to apply
to the SEC to terminate the registration of the ADRs and the
ordinary shares under the Exchange Act. Upon the delisting, Amcor's
obligations to file reports with the SEC will immediately be
suspended. Amcor expects that the deregistration of its ADRs and
its ordinary shares will become effective and Amcor's Exchange Act
reporting obligations will be terminated 90 days after the filing
with the SEC. "The Board of Directors determined to take this
action based on several factors, including the ongoing expense of
preparing additional periodic reports for filing with the SEC and
the substantial increase in costs to meet the requirements of the
Sarbanes-Oxley Act," stated Ken MacKenzie, Amcor's Managing
Director and CEO. In view of Amcor's adoption of the Australian
equivalents of the International Financial Reporting Standards, the
cost of preparation of similar U.S. GAAP accounting reports is no
longer warranted. Amcor will continue to make its annual and
interim reports and press releases available on its website
http://www.amcor.com/. Amcor expects to continue to provide a level
one ADR facility in the U.S. for the foreseeable future, and
expects that the ADRs will be traded in the U.S. over-the-counter
market. Amcor has not arranged for the listing of its shares or
ADRs on any other national securities exchange in the U.S. or for
their quotation in any quotation medium. Amcor's ordinary shares
will remain listed on the Australian Securities Exchange. Turnover
of Amcor ADRs on NASDAQ has constituted approximately 4% of global
turnover of Amcor's equity over the past 12 months with the
remaining 96% of turnover occurring on the Australian Securities
Exchange. DATASOURCE: Amcor Limited CONTACT: John Murray, Executive
General Manager Corporate Affairs, of Amcor Limited, +61 3 9226
9005 Web site: http://www.amcor.com/
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