NEW YORK – Jan. 24, 2013 – The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the units of Torch Energy Royalty Trust (the "Trust")—ticker symbol TRU—from the NYSE. Trading in the Trust’s common stock will be suspended prior to the opening 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 reached its decision in view of the fact that the Trust is a late filer and was under review by NYSE Regulation in light of the delay in filing with the Securities and Exchange Commission its December 31, 2011 Form 10-K (“Annual Report”) and certain of its fiscal 2012 Form 10-Q filings. As provided by Section 802.01E of the NYSE’s Listed Company Manual (“LCM”), the Trust was given an initial six-month period after the extended filing due date for its Annual Report to regain compliance. The Trust was unable to file its Annual Report by the October 16, 2012 initial six-month deadline, and at the Trust’s request, it was granted an additional three-month extension of time to January 16, 2013 to regain compliance, pursuant to NYSE Regulation’s discretionary authority under Section 802.01E of the LCM to grant an additional compliance period not to exceed six months. The Trust did not meet this filing deadline. In light of the continued uncertainty with respect to the timing of the Trust’s filing of its Annual Report, NYSE Regulation declined the Trust’s second request for an additional trading period and NYSE Regulation decided to initiate delisting proceedings.
NYSE Regulation noted that the Trust had previously fallen below the NYSE’s continued listing minimum share price standard, as the average closing price of its unit is less than $1.00 over a consecutive 30 trading day period.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend a security if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The Trust 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 Trust of the NYSE Regulation staff’s decision.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting