Brazil’s Tele Norte Threatened with Being Dropped from NY Stock Exchange

Brazil’s Tele Norte Celular, the holding company of the providers of wireless telecommunications services in the Brazilian states of Amapá, Amazonas, Maranhão, Pará and Roraima, has received a warning from the New York Stock Exchange (NYSE).

Tele Norte has been notified that the company currently falls below the new continued listing standard, requiring total stockholders’ equity of not less than US$ 75 million or total market capitalization of not less than US$ 75 million over a 30 trading-day period.


The NYSE has recently restructured and increased certain of the continued listing criteria. Previously, the NYSE continued listing standards required total stockholders’ equity of not less than US$ 50 million or total market capitalization of not less than US$ 50 million over a 30 trading-day period.


Both criteria have been increased to US$ 75 million. Tele Norte Celular’s stockholders’ equity under U.S. GAAP was US$ 56 million at December 31, 2004, and its market capitalization was US$ 65 million as of July 29, 2005.


As required by the NYSE, Tele Norte Celular will submit a detailed plan to the Listings and Compliance Committee of the NYSE, demonstrating how the Company plans to be in compliance with the Continued Listing Standard on or before the 18 months of receipt of the non-compliance notice, the deadline set by the NYSE.


If the Committee accepts the plan, the Company will be monitored quarterly for compliance with the plan. Should the Committee not accept the plan, Tele Norte Celular will be subject to trading suspension and delisting procedures.


Based on internal estimates and execution of planned corporate transactions, Tele Norte Celular believes it will satisfy the Continued Listing Standard by the NYSE deadline.


In order to enhance information to investors, the NYSE will append a below criteria (BC) indicator to the ticker symbol of the Company. The indicator will be removed if the Company is deemed compliant with NYSE’s continued listing requirements. The dissemination of the indicator will provide a transparent signal regarding the Company’s listing status.

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Brazil’s Lula and the United States of South America

Talking in Peru, Lula said that integration in South America will make it possible ...

In Popularity List Brazil’s Lula Comes at the Top. Bush and Chavez at the Bottom

Brazil and Chile's presidents, Luiz Inácio Lula da Silva and Michelle Bachelet, are the ...

Brazil’s Red Tape and Corruption Prevents It from Being Main Entry to Mercosur

All the bureaucracy and corruption the world knows about that plagues Brazilian life and ...

Cuba Asks Brazilian President’s Help to End US Embargo

Cuba's interim president Raul Castro requested advise and help from Brazil's President, Luiz Inácio ...

Rhodia Brazil to Export Silky Cloth that Fights Cellulite

The Brazilian laboratories of Rhodia have already become a reference in modern technologies for ...

Brazil Pushes for Planetary Zero Hunger

According to Brazil’s Minister of Food Security and Hunger Alleviation, some countries are unable ...

Brazilian President Luiz Inácio Lula da Silva

The Brasília Consensus: What Brazilians Want

The fat lady hasn’t sung yet, but if the October 24 DataFolha poll is ...

Brazil’s First Effort to Coordinate State and National Industrial Policies

Seminar "Industrial Development Strategy in the States" is going to take place on August ...

Construction Works in Brazil Up 13% to US$ 328 Billion

The investment in Brazil on construction works was US$ 328 billion last year, according ...