Riverdeep to de-list from Nasdaq

Friday 26 January 2007 21.23

E-Learning company Riverdeep is to give up its listing on the Nasdaq, and take its primary listing on the Irish stock exchange.

The company said the decision was made to consolidate the liquidity of Riverdeep shares on one market.

Previously a number of troubled technology groups, including Ireland's Baltimore, have de-listed from the Nasdaq in order to save themselves the costly reporting requirements of the US exchange.

'We're not getting the sort of attention on the Nasdaq that we were at the time of the flotation, and there will also be cost savings from the move,' said Riverdeep spokesman Bill Cunningham.

Riverdeep will de-list this Thursday, October 3, and the company will pay the costs of shareholders who wish to convert their American depository shares (ADSs) into ordinary shares that can be traded in Dublin.

Riverdeep will continue to report its results on a quarterly basis, with its third quarter results due in early November.

Riverdeep shares fell to 96 cent in early afternoon trade in Dublin but later recovered to end up 10 cent at €1.15.