Havas to Delist Nasdaq Shares

BOSTON Havas today said it would delist its American Depositary Shares from the Nasdaq Stock Exchange and terminate its American Depositary Receipts program.

The delisting takes effect on July 28. The Paris-based holding company will cease accepting new deposits under the ADR program as of June 23.

Havas in a statement said it decided to delist after receiving a letter on June 16 from Nasdaq regarding the company’s non-compliance with the exchange’s audit committee requirements following the resignations of Pierre Bouchut, Laurence Parisot and Michel Boutinard Rouelle from Havas’ board of directors and audit committee.

Havas said it “has concluded that the company’s ADS listing on Nasdaq is not providing sufficient liquidity to justify the cost and administrative burden to Havas. The company believes that the continued listing of its ordinary shares on the Euronext will provide sufficient ongoing liquidity to its shareholders and that the cost savings from the Nasdaq delisting will benefit the company.”

Its shares closed yesterday at $4.68, unchanged from the previous day. The 52-week high was $5.83, the low was $4.10.

The Nasdaq delisting does not affect the company’s listing on the Euronext exchange in Paris, Havas said.

Havas owns agency networks Arnold, Euro RSCG and MPG.