May 24, 2013
YPF's shares trade normally at NYSE
Oil company YPF informed today that its shares have been removed from the Below Compliance index at the NYSE and are quoting in normal circumstances as the audit to comply with the US market regulations is over and a new Board of Directors has been seated.
YPF clarified in a communiqué that although its American Deposit Shares had been trading under Below Compliance index ever since the company was taken over from Spanish oil giant Repsol, the shares never stopped trading at the NYSE.
Likewise, the company indicaticated that it was the NYSE that spread the word in a statement saying that “after appointing a new Company’s Board, and the integration of the audit committee along with its independent directors, the company now complies with all NYSE standards.”
Furthermore, YPF highlighted that its ADS “will no longer trade under the Below Compliance (BC) index.”
The company stopped complying after the government took administrative control of YPF in mid-April. President Cristina Fernandez promulgated a law in early May to expropriate the controlling stake in YPF held by Spain's Repsol YPF SA.
YPF also said its corporate governance practices varied from NYSE standards, including one involving the independence of directors on the company's board.
Argentina renationalized YPF, which was privatized in the 1990s, saying Repsol invested too little in exploration and production, forcing the country to import costly fuels.
Repsol denied the government's charges and brought suit in New York seeking some $10 billion in compensation for its expropriated stake.