United Utilities joins ICI in delisting from US
Water giant to delist from New York Stock Exchange citing cost of compliance with federal securities law as being a major factor
Utilities has become the second major company in a week to turn its back
on the NYSE to escape the prohibitively expensive regulatory climate.
ICI made the same move
last week, saving itself a reported £4m a year in Sarbanes-Oxley
In reaching its decision, the FTSE
100 heavyweight believed that the administrative costs of maintaining the
listing and costs of complying with US federal securities laws were ‘no longer
UU also cited low demand of its American depository shares as a motivating
factor for its withdrawal.