TeleComputing Announces Intent to List on Oslo Exchange
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In an attempt to provide better access to its shares for current and potential investors, comprehensive computing and application services provider TeleComputing yesterday announced it intention to file the required information to apply for a spot on the Oslo Stock Exchange.
Currently, the company's stock is being traded in Norway in a method similar to over the counter. Purchasing and selling shares can currently be a lengthy and difficult process.
"If you are in the U.S, it is a function of how good your broker is," Thad Bydlon, chief financial officer, explained. "If they have good relationship bank contacts, it can be done in a day or two."
A listing on the Oslo Stock Exchange will also attract more institutional investors, according to John Lambrechts, director of investor relations. "You have to be on a recognized public stock exchange to allow institutional investing, and right now we are not," he said.
"Fifty percent of our current investors are in Norway," Bydlon said. "We felt it was a market we need representation in."
Bydlon told ASP-News that TeleComputing did consider all markets. "The Oslo Stock Exchange was always a part of our plan," he said. "This doesn't rule out London, NASDAQ and Moscow. As we get bigger, we will want to be listed in multiple exchanges."
"But given the deterioration of high tech stocks on NASDAQ, it was a less appealing opportunity at the present time," he said. "But listing on NASDAQ is something we will consider in the future."
Lambrechts agreed. "We wanted to do something to benefit our current investors. The NASDAQ market just isn't attractive right now."
According to Bydlon, the company will file its request with the Oslo Stock Exchange board of directors the last week in May. The board will meet June 20, during which the subject of TeleComputing will be decided upon.
"We have met with the Oslo Stock Exchange board of directors and presented the company to them," Bydlon explained. "We are big news in Norway and they are very interested in having TeleComputing listed on their exchange."
"We fully expect a positive vote on June 20," Bydlon said. "TeleComputing shares will be available for exchange shortly afterwards."