TORONTO – Alliance Atlantis Communications Inc. wants to quit its securities registration in the United States, citing too-high administrative costs.
The company announced that it has filed an application with the U.S. Securities and Exchange Commission to end its registration of Class B non-voting shares, under the Securities Exchange Act of 1934. The application means the broadcaster is no longer required to file reports with the SEC effective immediately.
Alliance Atlantis expects the registration to end 90 days from now, at which time it would no longer be subject to the Sarbanes-Oxley Act of 2002.
“Given the ongoing administrative costs we determined that registration in the United States was no longer cost effective for our business,” said David Lazzarato, Executive Vice President and Chief Financial Officer.
The company will continue to be subject to the reporting requirements of the Canadian securities regulatory authorities as well as the Toronto Stock Exchange.
