ROCKVILLE, Md., Oct. 13, 2011 (GLOBE NEWSWIRE) -- Telvent (Nasdaq:TLVT), the leading real-time IT solutions and information provider for a sustainable world, announced today that it received notification from the Staff of The NASDAQ Stock Market, Inc. (the "Staff") that the Staff has determined that, in connection with Schneider Electric Espana's ("Schneider") successful tender offer whereby Schneider acquired 98.215% of Telvent's outstanding ordinary shares, Telvent does not comply with the minimum 750,000 publicly held shares requirement in Listing Rule 5450(b)(1)(B) and the audit committee composition requirements set forth in Listing Rule 5605(c)(2).
As a result, the Staff has decided to exercise its discretionary authority under Listing Rule 5101 to delist Telvent's ordinary shares. Telvent expects trading of its shares will be suspended at the opening of business on October 21, 2011 and a Form 25-NSE to be filed with the Securities and Exchange Commission which will remove Telvent's ordinary shares from listing and registration on The NASDAQ Stock Market. To the extent market makers in Telvent's shares continue to enter bids, Telvent expects its ordinary shares to be quoted in the OTC Bulletin Board or, in the alternative, in the Pink Sheets. However, there is no assurance that this will occur.
About Telvent
Telvent is a global IT solutions and business information services provider dedicated to helping improve efficiency, safety and security for the world's leading companies. Telvent serves markets that are critical to the sustainability of the planet, including the energy, transportation, agricultural and environmental sectors. (www.telvent.com)
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About Schneider Electric
As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in Utilities & Infrastructures, Industries & Machine manufacturers, Non-residential buildings, Data centers & Networks, and in Residential. Focused on making energy safe, reliable, efficient, productive and green, the Group's 110,000 plus employees achieved sales of 20 billion Euros in 2010, through an active commitment to help individuals and organizations make the most of their energy.
www.schneider‑electric.com/company
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