Torch Energy Royalty Trust Announces Pending Delisting From The New York Stock Exchange
HOUSTON, Jan. 24, 2013 /PRNewswire/ -- Torch Energy Royalty Trust (the "Trust") (NYSE: TRU) ( www.torchroyalty.com) today announced that it received notice from NYSE Regulation, Inc. that NYSE Regulation has determined to delist the Trust's units from the New York Stock Exchange (the "NYSE"), with trading of the units to be suspended prior to the opening of NYSE trading on Wednesday, January 30, 2013. The Trust expects to commence trading on the Pink Sheets on that same day, under a symbol yet to be determined.
NYSE Regulation indicated that it reached this determination based on the Trust's delay in filing its Annual Report for the year ended December 31, 2011 on Form 10-K ("2011 Form 10-K") and Quarterly Reports for the fiscal quarters ending in 2012 (the "Quarterly Reports") with the Securities and Exchange Commission ("SEC"). While the Trust had received a six-month and subsequent three-month extension of the filing date for the Annual Report to January 16, 2013 from NYSE Regulation, the Trust was unable to file the Annual Report by this extended deadline. NYSE Regulation declined the Trust's request for further extension under the NYSE Listed Company Manual of the filing deadline. NYSE Regulation also noted that the average closing price of the Trust's units had previously fallen below the NYSE's continued listing minimum share price standard of $1.00 over a consecutive 30 trading day period and the Trust had been working to regain compliance with such standard within the six-month cure period provided in Section 802.01C of the NYSE's Listed Company Manual. The Trust had previously reported on such NYSE notices and extensions. The Trust has not been able to complete the filing of its Annual Report and Quarterly Reports due to a delay in obtaining and compiling financial information required to be included in such reports.
The Trust has a right to appeal the NYSE Regulation delisting determination. The NYSE Regulation notice states that the timing of its application to the SEC to delist the Trust's units will depend on the completion of its procedures and any appeal by the Trust of the delisting determination.
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