SYDNEY: Iron Mountain Incorporated has announced this week 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.
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 where it is also listed), 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, the company said.
It is expected that Iron Mountain’s CDIs will be suspended from official quotation on ASX on August 13, 2018.
Funded in 1951, Iron Mountain 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 and highly sensitive data. The company offers solutions such as secure storage, secure destruction, as well as data centers, cloud services and art storage and logistics.