Iron Mountain to Delist from the Australian Securities Exchange
BOSTON, July 16, 2018 /PRNewswire/ -- Iron Mountain Incorporated (NYSE: IRM; ASX: INM) today announced its intention to delist from the Australian Securities Exchange ("ASX"), effective from the close of trading on August 17, 2018.
Iron Mountain was admitted to the official list of ASX as a "Foreign Exempt Listing" on April 21, 2016 following its acquisition (using a mixture of cash and Iron Mountain common shares ("Common Shares")) of then ASX-listed Recall Holdings Limited by way of a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) ("Scheme").
At that time, one of the primary purposes of Iron Mountain's ASX listing was to ensure that, on completion of the Scheme, recipients of Common Shares had a market in Australia on which they could buy additional Common Shares or sell their Common Shares (which trade on ASX in the form of CHESS Depository Interests ("CDIs")). However, given the passage of time, the recent light trading activity on ASX (relative to the New York Stock Exchange ("NYSE")), the removal from the S&P / ASX 200 Index, and the limited number of CDIs held in Australia, Iron Mountain has determined that maintaining its ASX listing is no longer practical.
The delisting of Iron Mountain from ASX is not expected to have any material impact on Iron Mountain's financial position or operating results other than in relation to savings in compliance and certain ancillary costs associated with maintaining the ASX listing, net of one-time fees associated with the delisting process.
It is expected that Iron Mountain's CDIs will be suspended from official quotation on ASX on August 13, 2018.
Iron Mountain will continue to be listed on the NYSE.
Furthermore, CDI holders will shortly be sent a letter (the form of which is set out in Annexure 1) which will set out:
- each CDI holder's existing rights to sell their CDIs until trading of the CDIs is suspended, or to convert their CDIs into underlying Common Shares;
- the share sale facility that will be established by Iron Mountain to enable CDI holders to sell the Common Shares underlying their CDIs on NYSE (should they elect to) through a Company-appointed broker during the three month period following the removal of Iron Mountain from the official list of ASX; and
- the arrangements in relation to any remaining Common Shares underlying the CDIs after the Share Sale Facility closes.
A copy of ASX's decision in relation to Iron Mountain's delisting is set out at Annexure 2.
For further information on the delisting process and the Annexure documentation, please visit http://investors.ironmountain.com/company/recall-acquisition/INM-delisting-from-ASX or contact:
Investor Relations Contacts:
Senior Vice President, Investor Relations
Anjaneya Singh, CFA
Director, Investor Relations
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 85 million square feet across more than 1,400 facilities in over 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include information management, digital transformation, secure storage, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working. Visit www.ironmountain.com for more information.
SOURCE Iron Mountain Incorporated