LookSmart (NASDAQ:LOOK)(ASX:LOK) today announced changes to its proposed delisting from the official list of the Australian Stock Exchange, or ASX. As previously announced, trading in LookSmart CHESS Depositary Interests, or CDIs, will be suspended on the ASX on June 27, 2007. However, CDIs will now be suspended for a period of three months after which LookSmart will be delisted from the official list of ASX effective from the close of market on October 1, 2007, rather than July 2, 2007 as previously announced. LookSmart’s listing on the Nasdaq Global Market continues unaffected by the ASX delisting.
LookSmart was admitted to the official list of the ASX on February 24, 2000. Since that time many CDI holders have converted their CDIs to common shares. LookSmart’s decision to delist is a result of the low level of CDIs representing LookSmart common stock now quoted on the ASX compared to LookSmart’s currently issued shares and the low level of trading on the ASX compared to the Nasdaq Global Market. Under these circumstances, LookSmart believes that the administrative time and costs incurred in maintaining the ASX listing are no longer justifiable.
LookSmart is providing CDI holders with details on the delisting process, which outlines, among other things, the share sale facility to be established to enable Australian registered CDI holders to sell their shares (represented by CDIs) during the three months commencing on June 28, 2007, the day suspension from the ASX takes effect.
LookSmart is an online advertising and technology company that provides relevant solutions for advertisers, publishers and consumers. LookSmart offers advertisers targeted, pay-per-click (PPC) search advertising and banners via its consumer Web properties and a monitored ad distribution network; a customizable set of private-label solutions for publishers, and vertical search sites and web tools for consumers. LookSmart is based in San Francisco, California. For more information, visit www.looksmart.com or call 415-348-7000.