TIDMHSBA
RNS Number : 4553G
HSBC Holdings PLC
25 November 2020
HSBC HOLDINGS PLC ANNOUNCES DELISTING FROM EURONEXT PARIS
HSBC Holdings plc ("HSBC") announces that, following its
announcement on 30 October 2020 that it intended to submit an
application for the delisting of its shares from Euronext Paris
(ISIN:GB0005405286) (the "Delisting"), the Delisting has been
approved by the Board of Directors of Euronext Paris S.A.
The decision by HSBC to delist was taken following a review of
the trading volumes, costs and administrative requirements related
to its listing on Euronext Paris .
The Delisting will have no impact on HSBC's day-to-day
operations in France or in Continental Europe, where HSBC remains
committed to its plans to be a leading international bank in
Europe. It will also not impact HSBC's other listings on the London
Stock Exchange ("LSE"), The Stock Exchange of Hong Kong Limited,
the New York Stock Exchange or the Bermuda Stock Exchange.
A sales facility procedure (the "Sales Facility") will be put in
place from 27 November 2020 to 18 December 2020 (the "Sales
Facility Period") to allow shareholders to sell on the LSE their
HSBC shares which are listed on Euronext Paris and held in the
Euroclear France clearing system (the "HSBC Euronext Shares"). HSBC
has appointed CACEIS Corporate Trust to act as centralizing agent
under the Sales Facility (the "Centralizing Agent").
During the Sales Facility Period, shareholders with HSBC
Euronext Shares will have the following options:
-- sell on a voluntary basis all or part of their HSBC Euronext
Shares on the LSE by participating in the Sales Facility (described
in more detail below); or
-- retain all or part of their HSBC Euronext Shares, which will
continue to be traded on Euronext Paris during the entire Sales
Facility Period until and including the trading day prior to the
date of the Delisting.
The HSBC Euronext Shares will be delisted from Euronext Paris on
22 December 2020 (the "Delisting Date").
Shareholders not participating
Shareholders who do not wish to sell their HSBC Euronext Shares
under the Sales Facility or directly on Euronext Paris, or have
otherwise taken no action by the Delisting Date, will be able to
trade their HSBC Euronext Shares on the LSE, subject to the terms
and conditions applied by their financial intermediaries.
Participating shareholders
Shareholders who wish to sell their HSBC Euronext Shares on the
LSE under the Sales Facility should request their financial
intermediary to deliver their HSBC Euronext Shares during the Sales
Facility Period to the Centralizing Agent, pursuant to the
procedure described below.
The HSBC Euronext Shares delivered to the Centralizing Agent
during the Sales Facility Period will be sold on the LSE as from 23
December 2020 by a broker, at the market price prevailing at the
time of the sale. The Centralizing Agent will calculate the average
sale price of the HSBC Euronext Shares and will be in charge of
transferring the sale proceeds to the HSBC shareholders
participating in the Sales Facility once it has received the funds
for the sale of all of the HSBC Euronext Shares tendered under the
Sales Facility.
HSBC will pay the brokerage commissions on the LSE for the sale
of HSBC Euronext Shares tendered pursuant to the Sales Facility,
the fee of the Centralizing Agent and any applicable foreign
exchange commission that would be incurred in connection with the
Sales Facility.
The Sales Facility procedure is also described in the Euronext
notice to be published today.
No guarantee can be given by HSBC or by the Centralizing Agent
as to the price at which the HSBC Euronext Shares tendered pursuant
to the Sales Facility will be sold. The Sales Facility is being
provided solely as an accommodation to holders of HSBC Euronext
Shares. Holders (and in particular individual investors) of HSBC
Euronext Shares may decide not to participate in the Sales Facility
or may decide not to take any action, in which case no guarantee
can be given to them on the terms, including costs, that would be
applied by their financial intermediary after the Delisting.
Individual investors are urged to consult their own investment
advisors before making a decision to participate or not in this
process.
The contemplated timetable of the Sales Facility and the
Delisting can be summarized as follows (it being specified that
HSBC reserves the right to amend this calendar):
Event Date
Sales Facility
Beginning of the Sales Facility 27 November 2020
-----------------------
End of the Sales Facility 18 December 2020
-----------------------
Sale on the LSE of the HSBC Euronext Shares As from 23 December
tendered in the Sales Facility 2020
-----------------------
Settlement of the proceeds of the Sales As soon as possible
Facility to the relevant financial intermediaries after receipt of the
proceeds of the Sales
Facility
-----------------------
Delisting
Last day of trading of HSBC Euronext Shares 21 December 2020
on Euronext Paris
-----------------------
Delisting of HSBC Euronext Shares on Euronext 22 December 2020
Paris
-----------------------
HSBC shareholders participating in the Sales Facility are
reminded that they acknowledge and accept the risk implied from the
change in the HSBC share price during the Sales Facility Period and
applicable exchange rates. They are also reminded that any orders
to tender HSBC Euronext Shares to the Sales Facility are
irrevocable, as is the subsequent sale of such HSBC Euronext Shares
tendered on the LSE.
Shareholders may request any additional information from their
custodian and usual financial intermediary, who has received the
details of the Delisting.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Group Company Secretary and Chief Governance Officer
Investor enquiries to:
Richard O'Connor +44 (0) 20 7991 6590 investorrelations@hsbc.com
Media enquiries to:
Gillian James +44 (0) 7584 404 238 gillian.james@hsbcib.com
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered
in London. HSBC serves customers worldwide from offices in 64
countries and territories in its geographical regions: Europe,
Asia, North America, Latin America, and Middle East and North
Africa. With assets of US$2,956bn at 30 September 2020, HSBC is one
of the world's largest banking and financial services
organisations.
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END
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