Datalex to de-list from Nasdaq

Irish company Datalex has announced that the company will voluntarily de-list its American Depositary Receipts [ADRs] from the Nasdaq market in the United States.

As a result of the de-listing the ADRs will be eligible for quotation in the over-the-counter [OTC] market.

On 25 April, 2002, Datalex will also convert its secondary listing on the Irish Stock Exchange [ISEQ] to a primary listing.

Neil Beck of Datalex commented: "Almost 100% of Datalex institutional shareholders and more than 95% of private shareholders are based in Ireland and the United Kingdom…..there will be considerable savings to the company both financially and in terms of the resources required to maintain a separate US listing."

He said that North America continues to account for a significant proportion of its customer base.

Datalex provides technology solutions for the global travel industry and its share price was badly hit by the US economic downturn and by the September 11 terrorists attacks.

At the beginning of 2001 the value of the shares were around $10, at the beginning of September, 2001 they were 1.95 and on 27 September they were $ 0.9.

Since then the price of its shares have been mainly below $1 so it probably would have soon been forced to de-list.

The Board has also announced a number of changes to the management team.

Neil Wilson will step down as Executive Chairman but will remain on the board.