cosa cambia dopo questa news??
scusate, ma non ho capito bene,
grazie
Dow Jones Business News
Telesystem Intl Gets NASDAQ Delisting Notice >TIWI
Thursday May 29, 5:11 pm ET
MONTREAL (Dow Jones)--Telesystem International Wireless Inc. has received a delisting determination notice from NASDAQ, indicating that the company failed to comply with the US$1.00 minimum bid price requirement for continued listing.
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Telesystem said in a news release Thursday that it intends to request a hearing before a NASDAQ listing qualifications panel to review the staff determination. The hearing request will stay the delisting of its shares pending the panel's decision.
The company noted that the listing of its shares on the Toronto Stock Exchange (News - Websites) is unaffected.
Telesystem also announced that its board has decided to proceed with a 1-for-5 consolidation of its common shares as a result of the delisting determination notice received from NASDAQ. The company said its shareholders adopted a resolution on May 2 to enable the board to proceed with a share consolidation.
The effective date of the consolidation is expected to be about three business days after the mailing of letters of transmittal to shareholders, which will take place within the next month.
Telesystem said no fractional shares will be issued. Shareholders who would otherwise be entitled to receive a fractional share will receive cash instead in a proportional amount to the average closing price of the common shares for the 20 trading days prior to the effective date of the consolidation.
Following the consolidation, the number of outstanding shares will be about 93,434,360, compared with about 467,171,780 outstanding pre-consolidation. The number of outstanding preferred shares will remain unchanged at 35 million, but their conversion ratio will be changed to one common share for every five preferred shares from one common share for each preferred share.
Telesystem is a cellular operator in Central and Eastern Europe.
Company Web Site:
http://www.tiw.ca
-Stephanie Thomas, Dow Jones Newswires; 416-306-2100