Business Services Industry

Pacific Internet to voluntarily delist and deregister stock

Internet Business News, Oct 16, 2007

Pacific Internet Limited (Nasdaq: PCNTF), a telco-independent Internet communications service provider in Asia Pacific, announced on Monday 915 October) that the company intends to voluntarily delist its ordinary shares from Nasdaq.

The company intends to effect the delisting on or about 25 October 2007, effective 10 days after the company files Form 25 with the US Securities and Exchange Commission (SEC).

Pacific Internet also intends to file a Form 15 with the SEC to voluntarily deregister its ordinary shares. The company is eligible to deregister by filing Form 15 because it has fewer than 300 holders of record of its ordinary shares.

The company said that the deregistration and delisting of its ordinary shares were unanimously approved by the board of directors after carefully considering the advantages and disadvantages of continuing registration and listing.

The company's board reportedly determined that the rising costs of compliance, as well as the substantial demands on management time and resources, outweigh the benefits the company receives from maintaining its registered and listed status.

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