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SCOR announces its intention to apply for the voluntary delisting of its American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE) and voluntarily terminate the registration of its securities under the U.S. Securities Exchange Act of 1934. SCOR expects to file relevant applications on June 4, 2007, the effective date of the new foreign private issuer deregistration rules issued by the U.S. Securities and Exchange Commission.
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.
Following its delisting and deregistration, SCOR will maintain its American Depositary Receipt (ADR) program as a "level one" program to enable investors to retain their ADRs, which they may trade in the U.S. over-the-counter market. 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.
