NTL Incorporated Receives Confirmatory Notice from Nasdaq Regarding Noncompliance with Board Independence Requirements
12 September 2006 - 6:30PM
Business Wire
On September 11, 2006, NTL Incorporated (Nasdaq: NTLI) notified the
Nasdaq Global Select Market and publicly announced that Gordon
McCallum had been appointed to its Board of Directors, and that his
appointment would cause the Company temporarily to become
noncompliant with Nasdaq Marketplace Rule 4350(c)(1). This Rule
requires a Nasdaq-listed company to have a majority of independent
directors serving on its board. The Company today announces that it
has received a staff deficiency letter from Nasdaq indicating that
the Company fails to comply with Rule 4350(c)(1), which is a
requirement for continued listing on Nasdaq. On or before September
26, 2006, the Company intends to submit a plan to Nasdaq in which
it outlines the key steps it intends to take in order to regain
compliance with Rule 4350(c)(1), either by the appointment of an
additional independent director or by securing the resignation of
an existing director. Notes to Editors - about ntl:Telewest On 3
March 2006 NTL Incorporated completed a merger with Telewest
Global, Inc., creating the UK's largest provider of residential
broadband and the UK's leading provider of triple play services.
The company recently completed its acquisition of Virgin Mobile.
NTL offers a wide range of communications and entertainment
services to more than 5 million residential customers. ntl:Telewest
networks can service more than 12 million homes - 50% of UK
households.
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