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Nasdaq to Delist Marconi

Marconi restructuring talks continue, as the company anticipates being delisted from the Nasdaq due to minimum share price requirements

June 20, 2002

1 Min Read

LONDON -- Further to its preliminary announcement statement on 16 May, 2002, Marconi announces that it continues to make good progress in its three-way restructuring discussions with its syndicate banks and an Ad Hoc Committee of its bondholders towards a consensual recapitalization of Marconi. The recapitalization process is likely to involve a debt for equity swap for a significant proportion of Marconi's 4.3 billion pounds sterling ($6.4 billion) of gross financial indebtedness, which the Board expects will lead to a very substantial dilution in value for existing equity holders. Marconi plc also announces that it expects to receive a notice in the coming weeks from the Nasdaq National Market ("Nasdaq") that its shares, which currently trade on the Nasdaq in the form of American Depositary Receipts ("ADRs"), will be delisted in accordance with Nasdaq rules relating to minimum ADR price requirements. Following the delisting from Nasdaq, Marconi's ADRs will be traded on the Over The Counter Bulletin Board ("OTC BB"). Marconi's ticker symbol on the OTC BB will remain MONI. Marconi's shares continue to trade on the London Stock Exchange under the symbol MONI. Marconi PLC

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