British Airways To Delist from NYSE, Citing Costs, Low Volume
British Airways said Wednesday its board has approved plans to delist its American Depositary Shares from the New York Stock Exchange.
According to British Airways, only 3% of its stock had been held in the ADS and average trading volume for the year ended March 31 was less than 5%.
The company, which delisted from the Toronto Stock Exchange in December 2001, expects the plan will reduce its costs by around GBP10 million annually.
"The company has provided written notice to the NYSE of its intent to delist," BA said in a statement.
"The company intends to maintain its American Depositary Receipt facility with Citibank as a Level I programme. This means that the company's ADSs will be traded on the over-the-counter market," it said.