The new listing fulfils a commitment the company made to its new shareholders as part of its financial restructuring. Each Marconi ADR will represent two ordinary shares.
Marconi ADRs have traded on the over-the-counter market under the ticker symbol MRCIY since May 2003, and the company is listed on the London Stock Exchange under the symbol MONI.
By listing on a technology-focused market, Marconi may well attract more US interest. At the end of last month, it revealed that its US subsidiary had sold several multi-service switch-routers to the federal government, in a deal worth $9 million.
Marconi is on the long road of recovery after a slump in telecoms spending and an overly ambitious spending spree left the company facing a $6.7 billion (GBP4 billion) debt. This forced the London, UK based company into a restructuring program that saw creditors taking over 99.5% of the company this year.
Its new shares have made a solid start since their May debut, having surged more than 50% on the brighter outlook for telecoms operators and the economy as a whole.
This article was based on material originally published by ComputerWire.
