December 28, 2006 – Santiago, Chile.
Quiñenco S.A. (LQ:NYSE). As previously announced on November 16, 2006, Quiñenco’s Board of Directors at its meeting on November 16, 2006 resolved to terminate Quiñenco’s ADR program with The Bank of New York, as depositary, delist its ADSs from the New York Stock Exchange (NYSE) and eventually pursue deregistration with the Securities and Exchange Commission (SEC). Quiñenco’s shares will continue to trade on the Chilean Stock Exchanges. Notwithstanding the termination of the ADR program and delisting from the NYSE, Quiñenco will continue to comply with SEC reporting requirements unless and until its securities are deregistered with that entity.
Pursuant to The Bank of New York’s notice to the holders of Quiñenco’s ADSs dated December 20, 2006, the Deposit Agreement will terminate on January 19, 2007, which is 30 days after the date of The Bank of New York’s notice; immediately after which the NYSE is expected to stop trading of the ADSs.
As a result of the termination of the Deposit Agreement described above, holders of Quiñenco’s ADSs will have until at least April 19, 2007 to decide whether to retain their interests in Quiñenco’s shares. If holders of Quiñenco’s ADSs do not surrender their ADSs and request delivery of Quiñenco’s underlying shares before The Bank of New York sells those shares, holders of Quiñenco’s ADRs will lose the right to receive the underlying Quiñenco shares and instead will be entitled, upon subsequent surrender of their ADSs, to receive the net proceeds of sale of the underlying Quiñenco shares. The date or dates on which The Bank of New York will sell remaining deposited shares of Quiñenco will not be earlier than April 20, 2007.
Quiñenco S.A., a leading Chilean business conglomerate, is the controlling entity of a portfolio of companies involved in financial services, food and beverage, telecommunications and manufacturing.