BSkyB has announced it is to delist from the New York Stock Exchange. The company will deregister from the Securities and Exchange Commission and move from full listing to Level 1 ADR (American Depositary Receipts).
Less than 2% of Sky’s shares are held through the ADR programme and BSkyB believes it is no longer cost effective to retain its SEC registration and NYSE listing.
In March Sky’s share price rose to a 52-week high after market rumours that the company was to delist altogether. However, Sky’s statement confirms that its ordinary shares will continue to trade on the London Stock Exchange.
Sky is expected to officially notify the Securities and Exchange Commission on May 10 and will be delisted shortly afterwards.