Confirmation of delisting from NZX and ASX
19 May 2016
Coats Group plc
Confirmation of delisting from NZX and ASX
Coats Group plc ('Coats' or the 'Company'), the world's leading industrial thread manufacturer, today confirms that it will delist from both the NZX Main Board ('NZX') and the Australian Securities Exchange ('ASX') on
24 June 2016, at which point Coats shares will only be tradable on the London Stock Exchange ('LSE').
This follows shareholder approval to delist from the NZX at the Company's Annual General Meeting held yesterday (18 May 2016), with 99% of votes cast in favour of the resolution (in total 70% of votes were cast as a percentage of the issued share capital).
The decision to delist, announced in November 2015, reflects the much reduced shareholder base in the two countries, the benefit of concentrating trading volumes on one market and the Company's move away from its New Zealand focused, investment firm past. New Zealand and Australian shareholders now make up only 11% of the share register, down from over 30% a year ago (May 2015).
Coats will be delisted from the NZX and ASX and the New Zealand and Australian branch of Coats' share register will be closed on 24 June 2016. See appendix 1 for a full timetable. A summary of the main options in connection with the delisting for shareholders and CDI holders is available at www.coats.com/delistings. Coats Directors do not make any recommendation or give any advice as to which option New Zealand shareholders and Australian CDI holders should select.
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Enquiry details
Media
NZ and Australia Geoff Senescall Senescall Akers +64 9 309 5659
UK Richard Mountain FTI Consulting +44 (0)20 3727 1374
Investors Jaideep Thatai Coats Group plc +44 (0)20 8210 5086
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About Coats Group plc
Coats is the world's leading industrial thread manufacturer and a major player in the Americas textile crafts market. At home in more than 60 countries, Coats employs over 19,000 people across six continents. Revenues in 2015 were US$1.5bn. Coats' pioneering history and innovative culture ensure the company continues leading the way around the world: providing complementary and value added products and services to the apparel and footwear industries; applying innovative techniques to develop high technology Speciality threads and yarns in areas such as automotive and fibre optics; and extending the crafts offer into new markets and online. Headquartered in the UK, Coats has a premium listing on the London Stock Exchange. To find out more about Coats visit www.coats.com.
Appendix 1
Timetable for NZX and ASX delistings
Below is a timetable of key events in relation to the delistings (dates stated in New Zealand / Australian time):
|
18 May 2016 |
Coats Annual General Meeting - shareholders approve delisting from NZX |
|
19 May 2016 |
Announcement confirming delisting from NZX and ASX |
|
17 June 2016 |
Final date on which Computershare NZ can process requests for shareholders on NZ share register to transfer to UK main register |
|
22 June 2016 |
Coats shares suspended from trading on NZX and Coats CDIs suspended from trading on ASX (at close of trading) |
|
24 June 2016 |
NZ share sale facility closes at 5pm New Zealand time Australian share sale facility closes at 5pm Melbourne time Coats delisted from NZX and ASX NZ and Australian branches of Coats' share register close |
|
After 24 June 2016 |
Shares of holders on NZ share register automatically transferred to UK main register CDIs of CDI holders convert to shares on the UK main register automatically |
|
8 July 2016 |
Expected date for despatch of share certificates for shares now held on UK main register |
This information is provided by RNS
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