Grupo Casa Saba to Delist and 1 Stock Falling to 52-Week Lows
By Mark Lawson | More Articles
November 17, 2012
Trade Free for 60 Days
at E*TRADE Securities
Grupo Casa Saba (NYSE:SAB) has chosen to delist its American Depositary Shares from the New York Stock Exchange, and will hence focus all trading of its ordinary shares on the Bolsa Mexicana de Valores in Mexico, and will be terminating its current ADS program. The firm has made several purchases during the last four fiscal years, and it experienced difficulties in joining these businesses into its financial reporting structure, resulting in its auditors having to release qualified audit reports in three of the past four fiscal years. Through the decision to delist its shares, the company has considered the low trading volume of its ADS on the NYSE, along with the associated expenses of maintaining the listing and related obligations, which include the increased complexities originating from its recent acquisitions. Grupo Casa Saba has neither arranged for the listing or registration of its ADS or ordinary shares on another American national securities exchange, nor for their quotation in a quotation medium in the United States. Further, the company intends to file a Form 25 with the Securities and Exchange Commission to obtain the delisting from the NYSE on or about November 26th, with the actual delisting becoming effective 10 days later. Shares closed down 59.15 percent on the day at $3.35, having been traded in a 52-week range of $6.36 to $10.73.
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