The New York Stock Exchange (“NYSE”) announced yesterday that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the Third Cumulative Preferred Stock, $1.70 First Series (“Preferred Stock”) of H. J. Heinz Company (the “Company”) -- ticker symbol HNZ PR -- from the NYSE. Trading in the Company’s Preferred Stock will be suspended prior to the opening of trading on February 15, 2013.
NYSE Regulation has determined that the Preferred Stock is no longer suitable for listing because it does not meet the minimum continued listing distribution requirement of 100,000 publicly held shares outstanding as set forth in Section 802.01 of the NYSE Listed Company Manual.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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