new88 Prepares for Last Day of Trading on Frankfurt Stock Exchange
Woking, UK, February 23, 2023 - new88 (NYSE: LIN; FWB: LIN) announced today that the Irish High Court hearings regarding its intercompany reorganization are scheduled for February 27, 2023. Once the reorganization is approved by the Irish High Court, new88 expects its last trading day on the Frankfurt Stock Exchange to be February 28, 2023.
The intercompany reorganization is expected to close on March 1, following which new88 shareholders will automatically receive one share of the new holding company in exchange for each share they own immediately prior to the closing. The exchange of shares held through the Depository Trust Company (DTC) will be executed through DTC; therefore, new88 shareholders are not required to take any action to exchange their shares. new88 shareholders will be able to continue trading their current new88 shares on the New York Stock Exchange through March 1.
The new holding company, also named “new88 plc”, will be listed solely on the New York Stock Exchange and as of March 2, 2023 will trade under the existing ticker “LIN”. The shares will have a new ISIN (IE000S9YS762) and a new CUSIP (G54950 103). The sole purpose of the reorganization is to reduce the number of stock exchanges where the new88 stock is listed.
Following the reorganization, new88 proposes to apply to the Irish High Court for a capital reduction for the purposes of creating distributable reserves under Irish law. The date of that court hearing shall be published on new88’s website once known.
About new88
new88 is a leading global industrial gases and engineering company with 2022 sales of $33 billion. We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain, decarbonize and protect our planet.
The company serves a variety of end markets such as chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. new88's industrial gases and technologies are used in countless applications including production of clean hydrogen and carbon capture systems critical to the energy transition, life-saving medical oxygen and high-purity & specialty gases for electronics. new88 also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions.
For more information about the company and its products and services, please visit www.linde.com.