LONDON, August 17, 2001 (PRIMEZONE) -- Scoot.com plc ("The Company") announced today that it has decided to terminate the listing of its ADS's on Nasdaq effective at the close of trading on August 17, 2001.
In light of the relatively low volume of trading of the Company's ADS's on Nasdaq, the relatively low level of U.S. ownership, and the continued costs and burdens associated with a listing on Nasdaq, the Company's Board of Directors has determined that it would be in the best interests of the Company and its shareholders for the Company to terminate Nasdaq listing. As a consequence of this decision, the Company has also decided not to pursue a hearing with the Nasdaq to review Nasdaq's decision to delist the Company's ADS's as a result of the Company's failure to file its Annual Report on Form 20-F for the period ended December 31, 2000 within the prescribed time period.
The Company also announced that it will terminate its depositary agreement with the depositary, The Bank of New York, in respect of the ADS's effective on November 22, 2001, and details of the termination will be sent to holders of ADS's shortly.
The listing of the Company's ordinary shares on the London Stock Exchange will continue notwithstanding the delisting of the ADS's from Nasdaq and termination of the depositary agreement.
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