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Application for listing of AT&S at the Vienna Stock Exchange and delisting at the Frankfurt Stock Exchange
We expect that trading in Vienna will commence on May 20, 2008. Starting with the approval of the delisting by the Frankfurt Stock Exchange a three months period of dual listing in Frankfurt and Vienna begins to run.
Thereafter, AT&S will only be listed in Vienna.
In 1999 AT&S decided to IPO on the "Neuer Markt" in Frankfurt. The reasons not to list in Vienna were:
- the little importance of the Vienna Stock Exchange at that time
- the lack of faith by foreign investors in the Vienna Stock Exchange
- the missing focus of technology oriented investors on the Vienna Stock Exchange
- no access to Xetra
- limited liquidity
- major uncertainties regarding the future development of the Vienna Stock Exchange; AT&S wanted to avoid being a test object for the Vienna Stock Exchange
Since 1999 the Vienna Stock Exchange has been developing very well and the reasons for a listing in Frankfurt have been losing relevance. As of March 25, 2008 AT&S is no more a member of the TecDAX index as liquidity and market capitalization of the share did not meet the criteria to remain in this index.Hence, the visibility of AT&S towards investors and analysts suffered further.
The Vienna Stock Exchange is the logical home Stock Exchange for an Austrian company and moreover has in the meanwhile a focus on small and mid-cap companies. This also means a higher attention by small and mid-cap investors which are so important for AT&S. With the move to Vienna, AT&S will be one of the 30 largest companies listed on this Stock Exchange (excl real estate companies). This in turn should enhance a more comprehensive presence in the media and a higher visibility.
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