REG - General Elec. - Intention to delist from London Stock Exchange

General Electric CoAnnouncement

19/06/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240619:nRSS9157Sa&default-theme=true

RNS Number : 9157S  General Electric Company  19 June 2024

Company:           General Electric Company

ISIN:                     US3696043013

Symbol:               London: GEC

 

NOTICE OF INTENTION TO DELIST FROM THE LONDON STOCK EXCHANGE

 

June 19, 2024

 

General Electric Company (operating as GE Aerospace, the "Company") refers to
the Company's ordinary shares (ISIN US3696043013) ("Shares"), which are
admitted to listing on the standard listing segment of the Official List of
the UK Financial Conduct Authority (the "FCA") and to trading on the main
market for listed securities of the London Stock Exchange (the "LSE"), trading
and settling as CREST Depository Interests representing Shares ("CDIs") (such
admission to listing and to trading, the "LSE Listing").

 

The Company announces today that, as part of a simplification project across
multiple jurisdictions and following a comprehensive review of the trading
volume, cost and administrative requirements related to the LSE Listing, it
has requested (i) the FCA to cancel the listing of the Company's Shares on the
standard listing segment of the Official List of the FCA, and (ii) the LSE to
cancel the admission to trading of the Company's Shares on the main market for
listed securities of the LSE (collectively, the "LSE Delisting").

 

Simultaneously with the LSE Delisting, the Company is in the process of
delisting the Shares from Euronext Paris and SIX Swiss Exchange. Copies of the
relevant announcements released on June 19, 2024 are attached as appendices 1
and 2 to this announcement.

 

Pursuant to Listing Rule 5.2.8R, the Company is required to give at least 20
business days' notice of the intended LSE Delisting. Accordingly, it is
intended that the LSE Delisting will become effective from 8:00 a.m. (British
Summer Time) on July 18, 2024, such that the last date of trading of the
Shares on the LSE will be July 17, 2024.

 

Following the LSE Delisting, (i) it will no longer be possible to trade Shares
on the LSE, and (ii) the Company will continue to maintain the primary listing
of its Shares on the New York Stock Exchange (the "NYSE").

 

Shareholders who hold CDIs are urged to consult their own investment advisors
and brokers on the actions that can be taken in respect of their holdings of
CDIs, including the necessary steps and actions required to convert their
holdings of CDIs into holdings of Shares that can be traded on the NYSE.

 

The LSE Delisting is expected to have limited impact for shareholders who hold
their Shares on the NYSE. However, any shareholder that has any questions in
relation to the LSE Delisting is recommended to consult their investment
adviser or broker.

 

Contact:                GE Aerospace Investor Contact:

Blaire Shoor, 617.443.3400

blaire.shoor@ge.com (mailto:blaire.shoor@ge.com)

 

GE Aerospace Media Contact:

Nicole Sizemore, 203.945.9783

nicole.sizemore@ge.com (mailto:nicole.sizemore@ge.com)

 

About GE Aerospace:

 

GE Aerospace is a global aerospace propulsion, services, and systems leader
with an installed base of approximately 44,000 commercial and 26,000 military
aircraft engines. With a global team of 52,000 employees building on more than
a century of innovation and learning, GE Aerospace is committed to inventing
the future of flight, lifting people up, and bringing them home safely. Learn
more about how GE Aerospace and its partners are defining flight for today,
tomorrow and the future at www.geaerospace.com (http://www.geaerospace.com) .

 

APPENDIX 1 - ANNOUNCEMENT RELATING TO DELISTING FROM EURONEXT PARIS

 

GE Aerospace Announces Voluntary Delisting of GE Common Stock from Euronext
Paris, the London Stock Exchange and the SIX Swiss Exchange

 

EVENDALE, Ohio - June 19, 2024 - GE AEROSPACE (GENERAL ELECTRIC COMPANY;
NYSE: GE) announced today that, as part of a simplification project following
the launch of GE Aerospace as an independent public company, it has submitted
applications for the delisting of GE common stock (ISIN Code US3696043013)
from Euronext Paris, the London Stock Exchange and the SIX Swiss Exchange (the
"Delisting"). This action follows a comprehensive review of the trading
volume, cost and administrative requirements related to these listings.
Following the Delisting, GE Aerospace shares will continue to be traded on the
New York Stock Exchange ("NYSE"), GE Aerospace's primary listing exchange.

 

The following required information is provided in connection with the
Delisting from Euronext Paris. The Delisting has been approved by the Listing
Board of Euronext Paris S.A.

 

Information Regarding Delisting Procedure for Euronext Paris

 

A sales facility procedure (the "Sales Facility") will be put in place from 21
June 2024 to 19 July 2024 (the "Sales Facility Period") to allow shareholders
to sell on the NYSE their GE Aerospace shares which are listed on Euronext
Paris and held in the Euroclear France clearing system (the "GE Aerospace
Euronext Shares"). GE Aerospace has appointed Uptevia to act as centralizing
agent under the Sales Facility (the "Centralizing Agent").

 

During the Sales Facility Period, shareholders with GE Aerospace Euronext
Shares will have the following options:

 

·    sell on a voluntary basis all or part of their GE Aerospace Euronext
Shares on the NYSE by participating in the Sales Facility (described in more
detail below); or

 

·    retain all or part of their GE Aerospace 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 GE Aerospace Euronext Shares will be delisted from Euronext Paris on 25
July 2024 (the "Delisting Date").

 

Shareholders not participating

 

Shareholders who do not wish to sell their GE Aerospace 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 GE Aerospace
Euronext Shares on the NYSE, subject to the terms and conditions applied by
their financial intermediaries.

 

Participating shareholders

 

Shareholders who wish to sell their GE Aerospace Euronext Shares on the NYSE
under the Sales Facility should request their financial intermediaries to
deliver their GE Aerospace Euronext Shares during the Sales Facility Period to
the Centralizing Agent, pursuant to the procedure described below.

 

The GE Aerospace Euronext Shares delivered to the Centralizing Agent during
the Sales Facility Period will be sold on the NYSE as from 26 July 2024 by a
broker, at market prices prevailing at the time of the sale. The Centralizing
Agent will calculate the average sale price of the GE Aerospace Euronext
Shares and will be in charge of transferring the sale proceeds (which will be
converted into euros from U.S. dollars by Uptevia) to the GE Aerospace
shareholders participating in the Sales Facility once it has received the
funds for the sale of all of the GE Aerospace Euronext Shares tendered under
the Sales Facility.

 

GE Aerospace will pay the brokerage commissions on the NYSE for the sale of GE
Aerospace 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 a Euronext notice to be
published on 19 June 2024.

 

No guarantee can be given by GE Aerospace or by the Centralizing Agent as to
the price at which the GE Aerospace Euronext Shares tendered pursuant to the
Sales Facility will be sold. The Sales Facility is being provided solely as an
accommodation to holders of GE Aerospace Euronext Shares. Holders (and in
particular individual investors) of GE Aerospace 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 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
deciding 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 GE Aerospace reserves the right
to amend this calendar):

 

 Event                                                                       Date
 Sales Facility
 Beginning of the Sales Facility                                             21 June 2024
 End of the Sales Facility                                                   19 July 2024
 End of the centralization by Uptevia                                        23 July 2024
 Sale on the NYSE of the GE Aerospace Euronext Shares tendered in the Sales  As from 26 July 2024
 Facility
 Settlement of the proceeds of the Sales Facility to the relevant financial  As soon as possible after receipt of the proceeds of the Sales Facility
 intermediary
 Delisting
 Last day of trading of GE Aerospace Euronext Shares on Euronext Paris       24 July 2024
 Delisting of GE Aerospace Euronext Shares on Euronext Paris                 25 July 2024

 

GE Aerospace shareholders participating in the Sales Facility are reminded
that they acknowledge and accept (i) the risk implied from the change in the
share market price and/or applicable exchange rates between the date on which
their shares are delivered to Uptevia for participation in the Sales Facility
and the receipt of the applicable average sale proceeds, and (ii) that from
the time the GE Aerospace Euronext Shares are delivered to Uptevia, they will
not be entitled to any subsequent dividend declared by GE Aerospace. They are
also reminded that any orders to tender GE Aerospace Euronext Shares to the
Sales Facility are irrevocable, as is the subsequent sale of such GE Aerospace
Euronext Shares tendered on the NYSE.

 

Shareholders may request any additional information from their custodian and
usual financial intermediary, who has received the details of the Delisting.

 

About GE AEROSPACE

 

GE Aerospace is a global aerospace propulsion, services, and systems leader
with an installed base of approximately 44,000 commercial and 26,000 military
aircraft engines. With a global team of 52,000 employees building on more than
a century of innovation and learning, GE Aerospace is committed to inventing
the future of flight, lifting people up, and bringing them home safely. Learn
more about how GE Aerospace and its partners are defining flight for today,
tomorrow and the future at www.geaerospace.com (https://www.geaerospace.com/)
.

GE Aerospace Investor Contact:

Blaire Shoor, 617.443.3400

blaire.shoor@ge.com

GE Aerospace Media Contact:

Nicole Sizemore, 203.945.9783

nicole.sizemore@ge.com

 

APPENDIX 2 - ANNOUNCEMENT RELATING TO DELISTING FROM SIX SWISS EXCHANGE

 

Official Notice

Nr.:

Titel:                     GE Aerospace, Evendale, Ohio,
United States

Valoren-Nr.:           112258433

ISIN:                     US3696043013

Tickersymbol:        GE

 

General Electric Company operating as GE Aerospace: Delisting of all Secondary
Listed Shares from SIX Swiss Exchange

The board of directors of GE Aerospace has resolved to initiate the delisting
procedure of GE Aerospace shares from the non-U.S. exchanges on which it is
actively listed: the SIX Swiss Exchange, Euronext Paris and the London Stock
Exchange.

GE Aerospace has thus applied for delisting all its secondary listed shares
with nominal value of USD 0.01 each from SIX Swiss Exchange. With decision of
18 June 2024 SIX Exchange Regulation has approved the delisting application of
GE Aerospace and has set the last trading day to be on 19 September 2024. The
delisting will thus be effective as of 20 September 2024. Following the
delisting from SIX Swiss Exchange, (i) it will no longer be possible to trade
GE Aerospace shares on SIX Swiss Exchange, and (ii) GE Aerospace will continue
to maintain the primary listing of its shares on the New York Stock Exchange
(the "NYSE").

Shareholders who hold GE Aerospace shares on SIX Swiss Exchange are requested
to consult their own investment advisors or brokers on the actions that must
be taken in respect of their holdings of shares to facilitate the trading of
their shares on the NYSE.

 

Datum:                  19 June 2024

Vertreter:               Niederer Kraft Frey AG

Person:                 Philippe Weber

Telefon:                +41 (0)58 800 8000

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAAKPFSALEFA