Finance Finance News 21st Century Fox plans to delist from ASX

21st Century Fox plans to delist from ASX

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Rupert Murdoch’s Twenty-First Century Fox plans to remove its listing from the Australian Securities Exchange (ASX), following its demerger from News Corp last year.

Shareholders are expected to vote on the delisting at a special meeting in March or April.

Twenty-First Century Fox chairman and chief executive Rupert Murdoch said the move would simplify the operating and capital structure of the company.

“Following the separation of our businesses in June last year, Twenty-First Century Fox has only limited operations in Australia and we believe that consolidating the trading of our stock in the world’s largest equity market would provide improved liquidity to the company’s stockholders and greater efficiencies for the company,” Mr Murdoch said in a statement on Thursday.

Twenty-First Century Fox plans to file a preliminary proxy statement with the US Securities and Exchange Commission (SEC) for a special meeting.

“The company anticipates that the special meeting of stockholders will be held in March or April 2014 and that, if approved by stockholders and subsequently by the ASX, delisting from the ASX would occur approximately one month thereafter,” Twenty-First Century Fox said in a statement on Thursday.

After the removal of the company’s listing from the ASX, all of Twenty-First Century Fox’s Class A and Class B Common Stock will be listed solely on the Nasdaq market in New York.

Twenty-First Century Fox currently is dual-listed on the ASX and the Nasdaq.

News Corp split in two last year, with the publishing arm – which also includes Australian pay TV assets – separated from the more profitable 21st Century Fox TV and movie operations.

In November, Twenty-First Century Fox said net income fell 44 per cent to $US1.255 billion for the three months to September 30, versus $US2.23 billion a year ago.

The company on Thursday said it would help shareholders who wish to continue holding the company’s stock to move their holdings to Nasdaq following the delisting.