2013-09-19 03:25:02 -
(ASX: SGM, NYSE: SMS) 19
SIMS METAL MANAGEMENT TO VOLUNTARILY DELIST ADRs FROM THE NYSE AND TRADE OVER
SYDNEY, Australia and NEW YORK, June 5, 2013 (GLOBE NEWSWIRE) - - Sims Metal
Management Limited (the Company) today announced that it intends to voluntarily
delist its American Depositary Receipts (ADRs) from the New York Stock Exchange
(NYSE). The delisting of the Company's ADRs is expected to become effective on
or about 11 October 2013.
Following the NYSE delisting, the Company's securities will not be listed on
national securities exchange in the United States (U.S.). The Company, however,
expects to retain an ADR programme in the U.S. on the "over-the-counter" (OTC)
market, in order to enable investors to continue to trade the Company's ADRs.
Trading on the OTC market is expected to commence on or about the date the
Company's ADRs are delisted from the NYSE. The Company's ordinary shares are
entirely unaffected by this decision and will continue to be listed on the
Australian Securities Exchange.
The Company will eventually seek to deregister from the U.S. securities market.
When accomplished, deregistration will reduce administrative costs and the
complexity that is associated with a dual listing in both the U.S. and
Australia. Deregistration cannot occur until criteria relating to average daily
trading volume or the number of holders of the ADRs are met, not anticipated
until October 2014 at the earliest.
The Company remains committed to its U.S. business, its U.S. investor base, and
its high standards of corporate governance including comprehensive and
transparent financial reporting.
Cautionary Statements Regarding Forward-Looking Information
This release may contain forward-looking statements, including statements about
Sims Metal Management's financial condition, results of operations, earnings
outlook and prospects. Forward-looking statements are typically identified by
words such as "plan," "believe," "expect,"
"anticipate," "intend," "outlook,"
"estimate," "forecast," "project" and other similar words and
These forward-looking statements involve certain risks and uncertainties. Our
ability to predict results or the actual effects of our plans and strategies is
subject to inherent uncertainty. Factors that may cause actual results or
earnings to differ materially from these forward-looking statements include
those discussed and identified in filings we make with the Australian Securities
Exchange and the United States Securities and Exchange Commission ("SEC"),
including the risk factors described in the Company's Annual Report on Form 20-
F/A, which we filed with the SEC on 18 March 2013.
Because these forward-looking statements are subject to assumptions and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements. You are cautioned not to place
undue reliance on these statements, which speak only as of the date of this
All subsequent written and oral forward-looking statements concerning the
matters addressed in this release and attributable to us or any person acting on
our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this release. Except to the extent
required by applicable law or regulation, we undertake no obligation to update
these forward-looking statements to reflect events or circumstances after the
date of this release.
All references to currencies, unless otherwise stated, reflect measures in
About Sims Metal Management
Sims Metal Management is the world's largest listed metal and electronics
recycler with approximately 270 facilities and 6,300 employees globally. During
fiscal year 2013 the Company generated approximately 63% of its revenue from
operations in North America. The Company's ordinary shares are listed on the
Australian Securities Exchange (ASX: SGM) and its ADRs are currently listed on
the New York Stock Exchange (NYSE: SMS). Please visit our website
(www.simsmm.com) for more information on the Company and recent developments.
Investor and media inquiries contact
Group Vice President - Investor Relations
Tel: +61 4 0960 0352
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Sims Metal Management Limited via Thomson Reuters ONE