Havas Hastens Delisting of Shares

BOSTON Havas said it plans to accelerate the voluntary delisting of its shares from the Nasdaq Stock Exchange.

The Paris-based holding company’s American Depositary Shares will trade through July 6 and be delisted on July 7. (Havas last week had said the delisting would take place on July 28.)

Shares will continue to trade publicly on the Euronext market in Paris.

Havas has 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 three members of its board of directors and audit committee [Adweek Online, June 21].

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 $4.66, unchanged from the previous day. The 52-week high was $5.83, the low was $4.10.

Havas owns Arnold, Euro RSCG and MPG.