Fisher and Paykel Healthcare to delist from Nasdaq

Fisher & Paykel Healthcare will delist its American Depositary Receipts (ADRs) from trading on the Nasdaq on Friday.

ADRs are an American class of share-holding which bundle together parcels of shares.

F&P Healthcare said it would delist its ADRs from the American technology index because the cost of maintaining them outweighed the interest from investors.

"The company has previously stated that the combined cost of maintaining its ADR programme, United States listing and Securities and Exchange Commission compliance was disproportionate to the level of ADRs on issue.

"In November 2001, five million ADRs were issued. That number has declined to less than 140,000 at the end of January, 2003," the company said.

In New Zealand, F&P Healthcare has 102.38 million shares on issue.

F&P Healthcare will continue to report in both New Zealand and US dollars, but will no longer reconcile its financial statements to US generally accepted accounting practice.

The company will also revert to six-monthly reporting.

In December F&P Healthcare said it planned to delist from the Nasdaq, where it listed after splitting the twin F&P companies two years ago, after US financial market conditions had changed considerably.

F&P Healthcare shares last traded down 3c at $9.45.

- NZPA