BusinessCompany NewsUnited Utilities joins ICI in delisting from US

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

United
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
compliance costs.  

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
justified’.

UU also cited low demand of its American depository shares as a motivating
factor for its withdrawal.

Further reading:

4m-a-year Sarbox millstone forces ICI to
abandon US listing

Sarbox ‘does not need to be changed’

Republican attempt to limit Sarbox
felled

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