Panasonic Corp. (PC) announced that it has decided to apply for voluntary delisting of its American Depositary Shares ADSs from the NYSE and for termination of registration of its ADSs with the SEC under the Exchange Act. The company said that the continued listing on the NYSE is not economically justified, taking into account the fact that the trading volume of its ADSs on the NYSE accounts for only a small fraction of the total trading volume of its shares.
The company said it plans to provide NYSE with a written pre-notice of the delisting application in early April 2013. The company also plans to file Form 25 with the SEC for NYSE delisting and SEC deregistration in Mid-April 2013. The delisting will be become effective in late April 2013.
The company said that after delisting its ADSs from the NYSE, it intends to maintain its American Depositary Receipt Program in U.S., and therefore anticipates that its ADS will continue to be traded in U.S. on the over-the-counter market.
In a separate press release, Panasonic announced the proposed changes to the members of the Board of Directors, effective June 26, 2013. These proposed changes will be submitted for and subject to approval at the company's ordinary general meeting of shareholders and at the subsequent Board of Directors meeting to be held on June 26, 2013.
The company has proposed to change the responsibility of Fumio Ohtsubo to Executive Advisor from the current responsibility of Chairman of the Board, and Executive Vice President, Effective June 26.
The company has also proposed to change the responsibility of Shusaku Nagae to Chairman of the Board from the current responsibility of in charge of Solution Business President, Eco Solutions Company, effective June 26.
Separately, Nippon Express Co., Ltd. and Panasonic announced that they have signed a memorandum of understanding or MOU in which Panasonic agreed to transfer a part of its shares in Panasonic Logistics Co., Ltd., a wholly owned subsidiary of Panasonic, to Nippon Express. Nippon Express and Panasonic are currently engaged in detailed discussions with the goal of promptly finalizing a definitive agreement. Panasonic will transfer to Nippon Express about 2.40 million shares (66.6%) of Panasonic Logistics out of 3.60 million shares issued in total.
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