St. Paul To De-List From London Stock Exchange
By Michael Ha
NU Online News Service, Dec. 27, 10:00 a.m. EST?The St. Paul Companies Inc. announced that it will de-list its common stock on the London Stock Exchange, effective Jan. 23, 2003.
The St. Paul said it decided to de-list from the exchange in light of its reduced overseas presence, and also because a secondary listing was no longer necessary to provide liquidity in the stock. The company's common stock has had a secondary listing on the London Stock Exchange since February 1995.
"We have pulled back on our international operations, so we don't have as much presence outside the U.S. as we used to. The international operations weren't as profitable as we had hoped they would be," Barbara Reynolds, senior communications manager at The St. Paul, told National Underwriter.
Ms. Reynolds said the company will continue to list its common stock for trading on the New York Stock Exchange. "Our listing on the NYSE takes care of any trading that we want to do," she said. The St. Paul was first listed on the Big Board in 1991, and currently has 226.4 million common shares outstanding.
The St. Paul Companies, headquartered in St. Paul, Minn., provides commercial property-liability insurance products and asset management services. It reported 2001 revenues from continuing operations of $8.9 billion and total assets of $38.3 billion.
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