This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NYSE Amex Accepts New England Realty Associates (NYSE AMEX: NEN) Compliance Plan In Response To Notice Of Noncompliance With NYSE Amex Continued Listing Standards

ALLSTON, Mass., Nov. 15, 2011 /PRNewswire/ -- On September 9, 2011, New England Realty Associates Limited Partnership (the "Partnership") received a notification letter from the Corporate Compliance Department of the NYSE Amex LLC (the "NYSE Amex") indicating that as of June 30, 2011 the Partnership is not in compliance with the minimum stockholders' equity requirement for continued listing of the Partnership's Depositary Receipts on the NYSE Amex.  Specifically, the Partnership is not in compliance with Section 1003(a)(i) of the NYSE Amex Company Guide (the "Company Guide") since it reported stockholders' equity of less than $2,000,000 at June 30, 2011 and has incurred losses from continuing operations and/or net losses in two out of its three most recent fiscal years ended December 31, 2010.

The Partnership was afforded the opportunity to submit a plan of compliance (the "Compliance Plan") to the NYSE Amex and on October 4, 2011 the Partnership presented its Compliance Plan to the NYSE Amex.  

On November 10, 2011, the NYSE Amex notified the Partnership that it accepted the Partnership's Compliance Plan and granted the Partnership an extension until March 11, 2013 to regain compliance with the continued listing standards of the NYSE Amex as set forth in the Company Guide.  The Partnership will be subject to periodic review by the staff of the NYSE Amex during the extension period.  Failure to make progress consistent with the Compliance Plan or to regain compliance with the continued listing standards of the NYSE Amex as set forth in the Company Guide by the end of the extension period could result in the Partnership being delisted from the NYSE Amex.

In furtherance of the Compliance Plan, the Partnership has authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt shall represent one-thirtieth (1/30) of a Class A Unit of the Partnership.  The Partnership has fixed December 16, 2011 as the record date for the forward split of its Depositary Receipts which shall become effective as of the opening of trading on the NYSE Amex on January 3, 2012.

SOURCE New England Realty Associates Limited Partnership

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $247.54 -0.07%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs