Océ to Delist From NASDAQ Stock Market
June 20, 2007
Océ N.V. [NASDAQ:OCENY], a leading international document management company organized under the laws of the Netherlands, announced its intention to voluntarily terminate the listing of its American Depositary Receipts [the “ADRs”] for quotation on the NASDAQ Stock Market [“NASDAQ”]. Océ also intends to terminate the registration of its ordinary shares under Section 12[g] of the Securities and Exchange Act of 1934, as amended [the “Exchange Act”], and as a consequence of which its reporting obligations under Sections 13[a] and 15[d] of the Exchange Act will cease.
CEO Mr. Rokus van Iperen stated: “In 1984 Océ had almost no footprint in the United States. To facilitate our expansion to the United States and increase our brand recognition we decided to list Océ on NASDAQ. Today the circumstances have changed completely as the U.S. realizes 43% of our revenues and we successfully acquired Bruning [1991], Archer Management Services [1999] and Imagistics International Inc. [2005] without expanding our equity financing.”
CFO Mr. Jan van den Belt added: “The trend toward consolidation of the world’s major stock exchanges, as evidenced by the merger of the New York Stock Exchange and Euronext, as well as Océ’s adoption of the International Financial Reporting Standards, have greatly facilitated the ease of cross border investing. U.S. investors can easily trade in Océ ordinary shares through Euronext, Océ’s primary market, or several other markets in Europe. The ADRs are thinly traded and represented less than 1% of all trading in Océ over the past twelve months. We investigated our listings and concluded that maintaining multiple listings and multi-jurisdictional filings results in significant burdens and costs which outweigh any benefits. Our decision will not impact our longstanding commitment to maintaining excellence in and complying with international standards of corporate governance and financial reporting. We greatly value and remain committed to our U.S. shareholders.”
Océ’s ordinary shares will continue to be listed for trading in Amsterdam [Euronext], and Océ’s ADRs may be traded in the United States on the over-the-counter bulletin board.
As required by new Exchange Act Rule 12h-6, Océ will continue to make available all of its annual and quarterly information [as well as any other information that is required under Dutch law or under the Euronext rules] to its investors through its website. Océ will also continue to host all of its regular investor relations activities, analyst meetings and road shows, including those in the U.S.
Océ has provided written notice to NASDAQ of its intent to delist and intends to file the applicable forms with the U.S. Securities and Exchange Commission on or about June 19, 2007.
