NYSE Regulation notes that there is uncertainty about the Company’s ability to complete its Form 20-F for the fiscal year ended December 31, 2012 within the timeframes required under NYSE Listed Company Manual Section 802.01E, in light of the ongoing restructuring involving the Company and various of its significant operating subsidiaries and the fact that the Company is also in the process of restating of its previously issued December 31, 2010 and 2011 financial statements. NYSE Regulation also considered the uncertainty surrounding the aforementioned restructuring process on the holders of the Company’s American Depositary Shares, pursuant to NYSE Listed Company Manual Section 802.01D.
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 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.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting