Burton Denies Moore Delistment Reports
BANNOCKBURN, IL—Robert Burton has been fighting fires on a number of fronts.
The president and CEO of Moore Corp. denied a published newspaper report that the company was about to be delisted from the Toronto Stock Exchange (TSE) and that it was relocating its operations from Chicago to Connecticut.
Another news organization reported that shareholders and retired employees of the company sharply criticized board members during its annual meeting in April.
Burton believes a report in the Toronto Globe and Mail that stated the company was in danger of being delisted by the TSE and was relocating, "does not accurately reflect where we are at in the decision-making process regarding strategic alternatives for the company. We are certainly under no threat of being delisted from the exchange and have no voluntary plans to delist from the exchange." He expects the company to continue to enjoy a longstanding relationship with both of the exchanges.
Burton attributed the relocation report to confusion involving the company's real estate ventures. He said Moore is currently examining opportunities, including one that would entail relocating some back-office functions out of the Chicago area. Other plans include "right sizing our real estate portfolio, which may cause the close or relocating of some offices into other facilities more appropriately sized to meet the needs of our customers.
"The examination of our real estate portfolio in no way indicates an intention of the company to move off of either the TSE or NYSE," Burton adds.
Burton and the company's board of directors had their hands full during April's annual shareholder meeting. The Canadian Press (CP) reported that a number of shareholders leveled mismanagement charges against the board in light of Moore's lackluster performance over the past few years. The CP noted that Moore lost more than $66 million last year on sales of $2.26 billion.