Last checked at 
(Alliance News) - BT Group PLC on Wednesday said it intends to delist from the New York Stock Exchange and terminate its American Depository Receipts programme.
BT's decision to delist and deregister is aimed at reducing reporting costs and complexity, it explained, though it insisted it would maintain the highest standards of corporate governance and transparent financial reporting. Investors based in North America hold 20% of BT's shares in issue.
The FTSE 100-listed telecommunications firm said it intends to file the form with the US Securities & Exchange Commission on September 3 and expects the delisting will become effective following the close of the market in New York on September 13, from which time BT's American Depository Receipts will no longer be traded on the NYSE.
BT said it has notified JPMorgan Chase Bank NA, as its American Depositary Receipts programme depositary, of its intention to terminate the programme. BT expects that termination of programme will become effective on September 23.
Following delisting and termination of its ADR programme, BT intends to file a form with the US Securities & Exchange Commission to deregister its equity securities at the earliest possible date, following the minimum 12 month waiting period from the date of ADR termination. Deregistration is expected to become effective 90 days after the filing of the form.
Meanwhile, BT subsidiary British Telecommunications PLC also will file a form on Wednesday to deregister all of its registered debt securities in New York and expects deregistration to become effective 90 days later.
"BT will continue to positively engage with US equity and debt investors, and its obligations to its existing bondholders will not be affected by the deregistration. BT also remains committed to its customers operating in the US," BT said in its statement Wednesday.
BT shares were trading 1.8% lower on Wednesday in London at 169.04 pence each.
