The company hopes to terminate its listing on the exchange by 20 August as well as remove its reporting obligations under the US Exchange Act.
David Howell, chief financial officer at Lastminute.com, said the US had ‘gone too far’ and that the approach would result in a ‘box-ticking’ exercise for corporate governance rather than the tried and trusted principles-based approach.
‘The more the cost of complying with that regulation goes up with no benefit then one starts saying “well what the hell do we have it for?”,’ Howell told Accountancy Age
‘Along with many other European businesses, the company feels that existing and new forthcoming obligations set down for companies having a US registration are becoming increasingly complex, onerous and costly,’ a company statement added.
‘The company anticipates that the additional costs of maintaining a US listing and registration will be approximately £1.5m per annum.’
The company goes on to say that it did not wish to prejudice the position of any US investors.
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