Zug, Switzerland – 30 June 2014 – Coca‑Cola HBC AG (“Coca‑Cola HBC”) today announces that its Board of Directors has resolved to apply for the delisting of its American Depositary Receipts (“ADRs”) from the New York Stock Exchange (“NYSE”), the termination of its ADR programme, and the deregistration and termination of its reporting obligations under the U.S. Securities Exchange Act of 1934.
Delisting is expected to become effective on or around 24 July 2014. Coca‑Cola HBC’s ADR programme is expected to be terminated on or around 1 August 2014.
Since our premium listing on the London Stock Exchange on 29 April 2013, the United Kingdom has become the principal trading market for our shares, accounting for more than 85% of total trading volume over the 12 months ended 18 June 2014. In contrast, only 1.4% of our shares were held in the form of ADRs as at 18 June 2014, with trading volume in the United States accounting for approximately 1.3% of the total trading volume over the preceding 12 months. On the grounds that our ADR programme is not a significant contributor to facilitating trading in our securities, we have concluded that the benefits of reduced administrative complexity exceed those of continuing the programme.
Michalis Imellos, Chief Financial Officer of Coca‑Cola HBC, commented: “Our premium listing on the London Stock Exchange, where the vast majority of our shares are being traded, will continue to facilitate trading in our securities. We remain committed to engaging with the U.S. investment community through continued open dialogue and regular investor roadshows.”
Estimated delisting and deregistration timeline
|30 June||Delivery of written notice to NYSE of intent to delist|
|14 July||Expected filing with the SEC of Form 25 to delist ADRs from the NYSE|
|24 July||Delisting from NYSE pursuant to Form 25 expected to become effective|
|1 August||Expected termination of ADR programme|
|Early to mid-August||Expected filing with the SEC of Form 15F to deregister from reporting obligations under the US Securities Exchange Act of 1934|
|Early to mid-November||Deregistration and permanent termination of such reporting obligations expected to become effective 90 days after Form 15F filing|
Additional information for ADR holders
Coca‑Cola HBC has not arranged for the listing or registration of the ADRs on another U.S. national securities exchange or for their quotation in a quotation medium in the United States.
Coca‑Cola HBC has directed Citibank, N.A., as depositary (“Citibank”), to terminate Coca‑Cola HBC’s ADR programme. Consequently and in accordance with the deposit agreement, Citibank will provide 30 days’ notice of termination to all ADR holders. Prior to termination of the deposit agreement on or around 1 August 2014, ADR holders are entitled to surrender their ADRs to Citibank for cancellation, and upon payment of the applicable fees of up to $0.05 per American Depositary Share plus taxes and charges as provided in the deposit agreement, receive the underlying shares of Coca‑Cola HBC. Following termination of the deposit agreement, Citibank will discontinue registration of transfers of the ADRs and suspend the distribution of dividends to ADR holders. Citibank has informed Coca‑Cola HBC that it intends to establish an unsponsored American depositary receipts programme in respect of the Coca‑Cola HBC shares. Citibank and Coca‑Cola HBC have agreed to amend the deposit agreement for the ADRs to provide that, promptly following the termination of the deposit agreement (on or around 1 August 2014), any American Depositary Shares that have not been surrendered for cancellation (and remain outstanding) will be exchanged by Citibank for the corresponding unsponsored American depositary shares issued by Citibank (subject to a depositary fee of up to $0.05 per ADS). Coca‑Cola HBC is not and will not be involved in any way with the establishment or maintenance of the unsponsored American depositary receipts programme that Citibank intends to establish.
|Coca‑Cola HBC Group|
Investor Relations Director
|Tel: +41 41 726 0143
Investor Relations Manager
|Tel: +30 210 618 3133
Investor Relations Manager
|Tel: +30 210 618 3124
|International media contact|
|Tel: +44 20 7240 2486
|Greek media contact|
|Tel: +30 211 7501219
About Coca‑Cola HBC
Coca‑Cola HBC is the second-largest bottler of the brands of The Coca‑Cola Company in terms of volume with sales of more than 2 billion unit cases. It has a broad geographic footprint with operations in 28 countries serving a population of approximately 585 million people. Coca‑Cola HBC offers a diverse range of non-alcoholic ready to drink beverages in the sparkling, juice, water, sport, energy, tea and coffee categories. Coca‑Cola HBC is committed to promoting sustainable development in order to create value for its business and for society. This includes providing products that meet the beverage needs of consumers, fostering an open and inclusive work environment, conducting its business in ways that protect and preserve the environment and contribute to the socio-economic development of the local communities.
Coca‑Cola HBC has a premium listing on the London Stock Exchange (LSE: CCH) and its shares are listed on the Athens Exchange (ATHEX: EEE). Coca‑Cola HBC’s American depositary shares (ADSs) are listed on the New York Stock Exchange (NYSE: CCH). Coca‑Cola HBC is included in the Dow Jones Sustainability and FTSE4Good Indexes. For more information, please visit http://www.coca-colahellenic.com.