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SCOR announces that its American Depositary Shares (ADSs) were delisted on June 14, 2007 from the New York Stock Exchange, following the company's application for voluntary delisting filed on June 4, 2007. As of June 14, 2007, SCOR's American Depositary Receipt program has also transitioned to Level I status, and SCOR's ADSs may now be traded on the Over-The-Counter Market.
SCOR has decided to apply for a secondary listing on the SWX Swiss Exchange upon consummation of the public tender offer for all publicly held registered shares of Converium Holding AG.
This decision by SCOR to delist from the New York Stock Exchange and to terminate the registration of its securities under the US Securities Exchange Act of 1934, in line with many other European and other issuers, was motivated by both cost and liquidity considerations and was taken in the interest of all of SCOR shareholders.
SCOR's rationale for delisting and deregistration is based on the following:
- The primary market for SCOR's shares is Euronext (now part of NYSE-Euronext), where the average trading volume has accounted for more than 97% of SCOR's worldwide trading volume over the last three years;
- SCOR's ADS trading volume has declined over the past three years and has accounted for approximately 1% of the total volume of shares traded over the last year (adjusted to reflect SCOR's January 2007 ten-for-one reverse share split);
- SCOR adopted International Financial Reporting Standards (IFRS) in 2005. The Company believes that U.S. GAAP and IFRS are generally equivalent in terms of disclosure and quality of information for investors and that it is unnecessary to publish its accounts under the two reporting standards.
- SCOR is continuously seeking to optimize its operating costs.
The delisting and deregistration will have no impact on SCOR's primary listing of its ordinary shares on Eurolist by Euronext. SCOR will continue to publish English language financial reports, financial statements, press releases and shareholder information, which will be available on its web site (www.scor.com) in accordance with Rule 12g3-2(b) under the U.S. Securities Exchange Act of 1934.
SCOR considers that U.S. investors are an important part of its investor base and will maintain its relationship with them, as well as maintaining and continuing to develop its business operations in the United States. The Company will continue to provide a high standard of corporate governance, information and disclosure for all investors, including those in the United States.
