Bank of Ireland announces that its Board of Directors has resolved to voluntarily delist its American Depositary Receipts ("ADRs") from the New York Stock Exchange ("NYSE") and to terminate its sponsored ADR programme.
The planned delisting of the ADRs from the NYSE and termination of the ADR programme are consistent with the Group's investor relations strategy. The Group's ordinary stock will continue to be listed on the Irish Stock Exchange and the London Stock Exchange. Bank of Ireland remains firmly committed to engaging with the US investment community through continued dialogue and regular investor roadshows.
Trading in Ireland and the United Kingdom accounted for the majority of the trading in the Group's shares in 2014. In contrast, ADRs account for less than 5% of the ordinary stock in issue and c. 7.5% of worldwide trading in Bank of Ireland's shares and ADRs over the preceding 12 months. Accordingly, the Group has concluded that the benefits of reduced administrative complexity exceed those of continuing the programme.
The Group will today deliver written notice to the NYSE of its intent to delist. The last trading day of the ADRs (ticker symbol "IRE") on the NYSE is currently expected to be on or about 12 February 2015. Bank of Ireland will also today give notice of termination to The Bank of New York Mellon ("BNY Mellon"), as depositary under the Group's ADR programme. The Group expects that BNY Mellon will provide notice of termination to holders of ADRs shortly, in line with the provisions of the deposit agreement. The Group expects that its sponsored ADR programme will be terminated on or around 22 April 2015. The Group intends at some point in the future to file a Form 15F with the US Securities and Exchange Commission to deregister and terminate its reporting obligations under Section 13(a) and 15(d) of the US Securities Exchange Act of 1934.
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