F&P Healthcare plans to exit Nasdaq

By NZPA

Thursday 5th December 2002

Fisher & Paykel Healthcare plans to delist from the American technology index, the Nasdaq.

The company said in a statement that it planned to withdraw from its American Depositary Receipt (ADR) programme and the Nasdaq on or about February 28.

It also plans to stop reporting to the Securities and Exchange Commission as soon as it is permitted to do so. SEC rules says the company must have fewer than 300 US resident shareholders.

Chairman Gary Paykel said today that the combined cost of maintaining the ADR programme, a US listing and complying with the American reporting system, was disproportionate to the level of ADRs on issue.

The company listed with 5 million ADRs on issue but that number has dwindled to less than 170,000 at the end of November.

Mr Paykel said that when the decision was made to split the twin Fisher & Paykel companies two years ago, the directors had championed Healthcare's listing in the States, but since then US financial market conditions had changed considerably.

"...It is clear that by far the greatest investor interest is in our ordinary shares which are traded on the New Zealand and Australian stock exchanges."

F&P has also changed its accounting treatment of foreign exchange instruments and will treat them as hedges for accounting purposes.

Once its Nasdaq listing is terminated the company intends to revert to six-monthly reporting and updating shareholders through the New Zealand and Australian continuous disclosure requirements.

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