UPC today confirms that its ordinary shares, which currently trade on the Nasdaq National Market in the form of American Depositary receipts (“ADRs”) will, as expected, trade on the Over The Counter Bulletin Board (“OTC BB”) from the opening of business on May 24, 2002. UPC’s ticker symbol on the OTC BB will remain “UPCOY”.
UPC received notification from Nasdaq on May 16, 2002, which indicated that
UPC does not comply with Marketplace Rule 4450(b) (4) (i.e. the bid price of
the ADRs has closed at less than $3.00 per share over 30 consecutive trading
days and the ADRs did not regain compliance with the rule within the 90
calendar days before May 15, 2002). As expected, and highlighted in our
announcement of operating results on May 15, 2002, our ADRs will be delisted
from the Nasdaq National Market at the opening of business on May 24, 2002.
UPC’s shares continue to trade on the Euronext Amsterdam Exchange under
the symbol UPC.