IRVINE, Calif.--(BUSINESS WIRE)--Kofax® Limited (NASDAQ and LSE: KFX), a leading provider of smart process applications that simplify and transform the First Mile™ of customer engagement, today announced that following the special general meeting of the Company held at 11:00 a.m. U.K. time on February 9, 2015, the board of directors of the Company has resolved at a meeting held today, to request the cancellation of the premium listing of its shares (ISIN BMG5307C1055) (“Shares”) from the official list maintained by the UK Financial Conduct Authority (“Official List”) and the cancellation of the admission to trading of the Shares on the main market for listed securities of London Stock Exchange plc (“LSE”). The details are as follows:
Reason for Applying to Delist
Kofax has decided to apply for the delisting to reduce on-going costs and simplify the on-going administrative and regulatory requirements of the Company. In reaching the decision the board of directors has taken the following factors into account:
- In excess of 75% of the Company’s Common Shares are held by U.S. shareholders, board members and affiliated parties;
- The majority of the Company’s total daily share trading volume routinely occurs on the NASDAQ Global Select Market (“NASDAQ”);
- International investors have demonstrated their willingness to deal in the Company’s Common Shares on NASDAQ; and
- The directors estimate that the annual costs associated with maintaining the listing on the Official List of the LSE currently amount to at least $750,000.
An application has been made to the UK Listing Authority for the Shares to be removed from the Official List and to the LSE for their cancellation from trading. The delisting and cancellation of trading of the Shares on the LSE is expected on or around March 31, 2015 (the “Cancellation Date”).
Prior to the Cancellation Date, holders of depositary interests in respect of the Shares (“Depositary Interests”) will receive a notification from the Computershare Investor Services PLC , the Depositary Interests Agent, outlining the actions to be taken to cancel their Depositary Interests and have Shares issued to their DTC Participant or custodian account or alternatively for receipt of a DRS Statement.
Holders of Depositary Interests should contact their nominee, stockbroker, bank or other agent to obtain further information on how the cancellation of the listing of the Shares on the Official List and removal of such shares from trading on the main market for listed securities of LSE will impact such holders and how they are able to trade their Shares on NASDAQ.
Kofax is a leading provider of smart process applications that simplify and transform the First Mile™ of customer engagement. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers these through its direct sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.
© 2015 Kofax Limited. Kofax is a registered trademark and First Mile is a trademark of Kofax.