21st Century Fox to Delist from Australian Market

NEW YORK: 21st Century Fox is in the process of delisting its shares from the Australian stock market, and will only sell on the Nasdaq.

The company, which split from News Corp. last June, will file today a preliminary proxy statement with the U.S. Securities and Exchange Commission (SEC) for a special meeting of the company’s stockholders to approve the company requesting the removal of its listing from the ASX. The meeting is likely to be held in March or April, and, if approved by stockholders and subsequently by the ASX, the delisting would happen around one month after.

“Today’s announcement is part of our ongoing agenda to simplify the operating and capital structure of our company,” said Rupert Murdoch, the chairman and CEO of 21st Century Fox. “Following the separation of our businesses in June last year, 21st Century Fox has only limited operations in Australia, and we believe that consolidating the trading of our stock in the world’s largest equity market would provide improved liquidity to the company’s stockholders and greater efficiencies for the Company.”

John Nallen, the chief financial officer at 21st Century Fox, added, “We value our ASX-listed stockholders and are committed to assisting those who wish to continue holding our stock in transitioning their holdings to NASDAQ following the proposed delisting. Through the conversion of CDIs into Common Stock, our ASX-listed stockholders can choose to retain their investment in the company via the NASDAQ exchange. For our ASX-listed stockholders who are unable to hold or elect not to hold the company’s Common Stock via the NASDAQ exchange, we have put in place alternatives to provide them with the time and flexibility to manage their investment as part of the proposed delisting process.”