BEIJING, Nov. 7, 2011 /PRNewswire-Asia-FirstCall/ -- China
Mass Media Corp. ("China Mass Media" or the "Company") (NYSE: CMM)
announced today that, on October 13,
2011, the New York Stock Exchange ("NYSE") notified the
Company that it has fallen below the NYSE's continued listing
standard relating to the minimum price requirement of its American
depositary shares (the "ADSs"). As of October 12, 2011, the 30 trading day average
closing price of the Company's ADSs was US$0.98 per ADS, which was below the minimum
requirement of US$1.00 for continued
listing on the NYSE under Section 802.01C of the NYSE Listed
Company Manual. As required by the NYSE, the Company notified
the NYSE of its intention to cure the price deficiency.
Shortly after and without any Company specific action, the
'price of the Company's ADSs was above the NYSE's minimum price
requirement of $1.00 based on a 30
trading day average, as well as the absolute price on October 31, 2011. Since NYSE rules permit
demonstration of an accelerated cure based on a $1.00 ADS price on both the last trading day of
any calendar month within the six-month cure period and the average
ADS price over the 30 trading days preceding the end of that month,
China Mass Media then regained compliance with the minimum price
requirement. Since October 13,
2011, the ADSs of the Company have been traded in the range
of US$1.00 to US$2.47 per ADS.
As of November 4, 2011, or the last
trading day immediately prior to this announcement, the Company's
ADS was traded above the minimum share price standard.
With the aim to continue its listing on the NYSE, China Mass
Media have decided to change the ratio of its ordinary shares to
ADSs from 30:1 to 300:1, expected to be effective on November 28, 2011. For the Company's ADS
holders, this ratio change will have the same effect as a
one-for-ten ADS consolidation. Cash will be paid to ADS
holders in lieu of any fractional ADSs entitlements resulting from
the ratio change. There will be no change to China Mass
Media's underlying ordinary shares.
About China Mass Media Corp.
As a leading television advertising company in China, the Company provides a full range of
advertising services, including advertising agency services,
creative production services, public service announcement
sponsorship services and other value added services. The
Company currently offers approximately 41 minutes of advertising
time slots per day on CCTV Channels 1, 2, and 4. CCTV is the
largest television network in China. The Company has produced over 400
advertisements and has won a number of prestigious awards in
China and across the world,
including the "Gold World Medal" at The New York Festivals®
International Television & Film Awards. For more information,
please visit http://www.chinammia.com.
For further information, contact:
China Mass Media Corp.
Julie Sun
Chief Financial Officer
6/F, Tower B, Corporate Square,
35 Finance Street Xicheng District
Beijing, 100033
P. R. China
Phone: +86-10-8809-1050
Email: juliesun@chinammia.com
Christensen
Tip Fleming
Phone: +852-2117-0861
Email: tfleming@christensenir.com
Teal Willingham
Phone: +852-9827-3632
Email: twillingham@christensenir.com
SOURCE China Mass Media Corp.