FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the
month of November
HSBC Holdings plc
42nd
Floor, 8 Canada Square, London E14 5HQ, England
(Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form
20-F X Form 40-F
(Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934).
Yes
No X
(If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
).
HSBC HOLDINGS PLC ANNOUNCES DELISTING FROM EURONEXT
PARIS
HSBC Holdings plc ("HSBC") announces that, following its announcement
on 30 October 2020 that it intended to submit an application for
the delisting of its shares from Euronext Paris (ISIN:GB0005405286)
(the "Delisting"), the Delisting has been approved by the Board
of Directors of Euronext Paris S.A.
The decision by HSBC to delist was taken following a review of
the trading volumes, costs and administrative requirements
related to its listing on Euronext Paris.
The Delisting will have no impact on HSBC's day-to-day operations
in France or in Continental Europe, where HSBC remains committed to
its plans to be a leading international bank in Europe. It will
also not impact HSBC's other listings on the London Stock Exchange
("LSE"), The Stock Exchange of Hong Kong Limited, the
New York Stock Exchange or the Bermuda Stock
Exchange.
A sales facility procedure (the "Sales
Facility") will be put in place
from 27 November 2020 to 18 December 2020 (the "Sales Facility
Period") to allow shareholders
to sell on the LSE their HSBC shares which are listed on Euronext
Paris and held in the Euroclear France clearing system (the
"HSBC
Euronext Shares"). HSBC has
appointed CACEIS Corporate Trust to act as centralizing agent under
the Sales Facility (the "Centralizing
Agent").
During the Sales Facility Period, shareholders with HSBC Euronext
Shares will have the following options:
●
sell
on a voluntary basis all or part of their HSBC Euronext Shares on
the LSE by participating in the Sales Facility (described in more
detail below); or
●
retain
all or part of their HSBC 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 HSBC Euronext Shares will be delisted from Euronext Paris on 22
December 2020 (the "Delisting
Date").
Shareholders not participating
Shareholders who do not wish to sell their HSBC 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 HSBC Euronext Shares on the LSE, subject to the terms
and conditions applied by their financial
intermediaries.
Participating shareholders
Shareholders who wish to sell their HSBC Euronext Shares on the LSE
under the Sales Facility should request their financial
intermediary to deliver their HSBC Euronext Shares during the Sales
Facility Period to the Centralizing Agent, pursuant to the
procedure described below.
The HSBC Euronext Shares delivered to the Centralizing Agent during
the Sales Facility Period will be sold on the LSE as from 23
December 2020 by a broker, at the market price prevailing at the
time of the sale. The Centralizing Agent will calculate the average
sale price of the HSBC Euronext Shares and will be in charge of
transferring the sale proceeds to the HSBC shareholders
participating in the Sales Facility once it has received the funds
for the sale of all of the HSBC Euronext Shares tendered under the
Sales Facility.
HSBC will pay the brokerage commissions on the LSE for the sale of
HSBC 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 the Euronext
notice to be published today.
No guarantee can be given by HSBC or by the Centralizing Agent as
to the price at which the HSBC Euronext Shares tendered pursuant to
the Sales Facility will be sold. The Sales Facility is being
provided solely as an accommodation to holders of HSBC Euronext
Shares. Holders (and in particular individual investors) of HSBC
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 to them 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 making a decision 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 HSBC reserves
the right to amend this calendar):
Event
|
Date
|
Sales Facility
|
Beginning
of the Sales Facility
|
27
November 2020
|
End of
the Sales Facility
|
18
December 2020
|
Sale on
the LSE of the HSBC Euronext Shares tendered in the Sales
Facility
|
As from
23 December 2020
|
Settlement
of the proceeds of the Sales Facility to the relevant financial
intermediaries
|
As soon
as possible after receipt of the proceeds of the Sales
Facility
|
Delisting
|
Last
day of trading of HSBC Euronext Shares on Euronext
Paris
|
21
December 2020
|
Delisting
of HSBC Euronext Shares on Euronext Paris
|
22
December 2020
|
HSBC shareholders participating in
the Sales Facility are reminded that they acknowledge and accept
the risk implied from the change in the HSBC share price during the
Sales Facility Period and applicable exchange rates. They are also
reminded that any orders to tender HSBC Euronext Shares to the
Sales Facility are irrevocable, as is the subsequent sale of such
HSBC Euronext Shares tendered on the LSE.
Shareholders may request any
additional information from their custodian and usual financial
intermediary, who has received the details of the
Delisting.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Group Company Secretary and Chief Governance Officer
Investor enquiries to:
Media enquiries to:
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in
London. HSBC serves customers worldwide from offices in 64
countries and territories in its geographical regions: Europe,
Asia, North America, Latin America, and Middle East and North
Africa. With assets of US$2,956bn at 30 September 2020, HSBC is one
of the world's largest banking and financial services
organisations.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
HSBC
Holdings plc
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By:
|
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Name:
Aileen Taylor
|
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Title:
Group Company Secretary and Chief Governance Officer
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Date:
25 November 2020
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