NTL Shares Trade on NYSE
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[London, ENGLAND] European broadband telephone, TV and Internet operator NTL is seeing its shares trade on the New York Stock Exchange for the first time Friday.
At the same time, NTL is withdrawing its listing on Nasdaq where it traded under the ticker symbol "NTLI." The new ticker symbol on NYSE is "NLI" -- an abbreviation that is bound to cause some confusion at first.
A major player in the U.K. and Europe, NTL acquired the consumer and direct business operations of Cable & Wireless Communications in May this year. Recently, it was in the news for having broken off negotiations with the Football Association in the U.K. to broadcast top soccer matches on a pay per view basis.
"NTL has grown significantly in the past couple of years, enhancing our service and product offerings and expanding our European customer base to approximately eight million," said Barclay Knapp, NTL's chief executive officer.
In the U.K., NTL provides telecoms carrier services for Virgin, Orange and AT&T brands. It claims over half a million users of the Virgin Internet service, although independent experts always point out that the number of registered users of a free Internet service is quite different from the much smaller number of active users.
There is, however, no disputing the scope and scale of NTL's overall business, with its interests in Ireland, France, Germany and Switzerland, as well as South-East Asia and Australia.
Barclay Knapp said that increasing NTL's visibility in the U.S. and European capital markets is an important part of the company's growth strategy. The listing on the NYSE would make it easier for the company to put its expansion plans into operation, said Knapp.
Earlier this week, NTL announced operating statistics for the quarter ended September 30, 2000, showing an additional 73,900 residential subscribers to its bundled U.K. services.
"The third quarter was one of rapid expansion for our Internet business, growing ntlworld's customer base over 265 percent to 381,200 subscribers," said Knapp, adding that NTL had also cleared its service backlog and was currently experiencing no delays in adding additional ntlworld subscribers.
NTL's third quarter also witnessed a roll-out of high speed Internet services in the U.K., Switzerland, France and Sweden. The company claims that these franchises collectively served approximately 80,000 high-speed Internet subscribers.
NTL, which in Europe is listed on the EASDAQ (ticker symbol: "NTLI"), will now increase its efforts to get a full listing on one of the major stock exchanges.