NEW YORK — Shares of big U.K. cabler NTL Group will be delisted from the New York Stock Exchange after the company failed to meet stock price and market capitalization requirements, the NYSE and the company said.
The shares were suspended last Wednesday even as cash-strapped NTL announced a hefty loss for 2001. The company insisted the delisting “is not expected to have any effect on business operations or customer service.”
The NYSE requires a minimum closing share price exceeding $1 and a minimum market cap of $100 million. Companies that fail to meet these requirements for 30 consecutive days are subject to delisting.
Plans to resume trading
NTL shares, which had traded as high as $32 last spring, last closed March 26 at 20¢ — reflecting a market cap of about $55 million. Company said the stock will eventually resume U.S. trading on the Over the Counter Bulletin Board (OTC BB) under the symbol NTLD.
NTL systems pass 20 million homes in Europe and provide residential telephony and Internet connections to 8.5 million subs — services it has been rolling out aggressively and at great expense.
On Wednesday, company reported a $15.9 billion loss for the year, including $11 billion in one-time charges. Execs said the company was burning through cash fast but was working to restructure its debt. Earlier this year, it hired a team of investment banks to help.