Grupo TMM to Delist From the NYSE
23 Maggio 2012 - 10:05PM
Marketwired
Grupo TMM, S.A.B. (NYSE: TMM) (BMV: TMM A)
("TMM" or the "Company"), a Mexican
intermodal transportation and logistics company, announced that on
May 22, 2012, the Company's Board of Directors approved a
resolution authorizing the delisting of TMM's American Depositary
Shares ("ADSs") from the New York Stock Exchange ("NYSE").
The Company's financial results for the past few years have been
mainly impacted by the high volatility of the exchange rate between
Mexican pesos and U.S. dollars and the global economic slowdown,
calling into question the continued viability of TMM's NYSE
listing. Due to this volatility, at the exchange rates in effect at
the close of the first quarter, when the Company announced on May
2, its first quarter results, Grupo TMM had fallen below the
average global market capitalization and stockholders' equity
continued listing standards. The NYSE notified the Company of this
noncompliance. At today's exchange rate, the Company satisfies the
stockholders' equity standard.
After careful review of the circumstances, including the
volatility of the exchange rate which causes uncertainty of TMM's
ability to satisfy the NYSE's continued listing standards going
forward, the Company's Board of Directors has decided to initiate
steps to voluntarily delist TMM's ADSs from the NYSE and not pursue
any compliance plan with the NYSE. In reaching this decision, the
Company's Board of Directors also noted the low trading volume in
TMM's ADSs and the compliance costs associated with maintaining a
U.S. listing.
The Company intends to delist the ADSs by filing a Form 25 with
the SEC. TMM expects that its ADSs will trade on the
over-the-counter ("OTC") market thereafter.
TMM's ADSs will continue to be registered under the U.S.
Securities Exchange Act of 1934. In addition, TMM's nominative
common shares underlying the ADSs will continue to be traded in
Mexico on the Bolsa Mexicana de Valores (the "Mexican Stock
Exchange").
Headquartered in Mexico City, TMM is a Latin American intermodal
transportation company. Through its branch offices and network of
subsidiary companies, TMM provides a dynamic combination of ocean
and land transportation services. Visit TMM's Web site at
www.grupotmm.com. The site offers Spanish/English language
options.
Included in this press release are certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements speak only as
of the date they are made and are based on the beliefs of TMM's
management as well as on assumptions made. Actual results could
differ materially from those included in such forward-looking
statements. Readers are cautioned that all forward-looking
statements involve risks and uncertainty. The following factors
could cause actual results to differ materially from such
forward-looking statements: global, US and Mexican economic and
social conditions; the effect of the North American Free Trade
Agreement on the level of US-Mexico trade; the condition of the
world shipping market; the success of TMM's investment in new
businesses; risks associated with TMM's reorganization and
restructuring; TMM's ability to reduce corporate overhead costs;
the ability of management to manage growth and successfully compete
in new businesses; and TMM's ability to restructure or refinance
its indebtedness. These risk factors and additional information are
included in TMM's reports on Form 6-K and 20-F on file with the
United States Securities and Exchange Commission.
TMM COMPANY CONTACT: Jacinto Marina Deputy CEO
011-525-55-629-8718 Email Contact Monica Azar Investor Relations
011-525-55-629-8703 Email Contact AT DRESNER CORPORATE
SERVICES: Kristine Walczak (investors, analysts, media)
312-726-3600 Email Contact
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