Hollinger Off Delisting Hook, Wins Three Months Grace

04 January 2005

Hollinger International [H-Intl], the former newspaper fiefdom of Lord Conrad Black, on Friday managed by the skin of its teeth to avoid a threatened delisting of its shares by the New York Stock Exchange.

The company had been set - and missed - a December 30 deadline to file its much delayed financial report for 2003.

Originally due in March 2004, H-Intl was then in the throes of a major internal probe into its affairs, investigating the period up to the wresting of Black's hand from the tiller in November 2003.

In the light of those circumstances, Hollinger's request for a stay until the year end was granted, despite which the report remained unfiled. It was widely expected in the environs of Wall Street that failure to file would result in the immediate delisting of H-Intl shares.

But the NYSE, apparently still infused with the Christmas spirit, was in goodwill mode and again extended the deadline - this time to March 30.

Hollinger, however, hopes to better the new date and file the 2003 report by mid-January, as soon as external auditors complete a final review of the documentation. It also intends to hand the NYSE all four quarterly reports for 2004 within two months of filing the 2003 annual report.

Data sourced from Telegraph.co.uk; additional content by WARC staff