• Categories
  • Archives

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.


  • 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Your email address will not be published.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.


You May Also Like

25% of Brazilian Indian Group in Amazon Have Malaria and Hepatitis

The Indigenous Council of the Vale do Javari Land (Civaja) drew attention to the ...

Brazilian Companies Shed Debt and Get Ready to Invest

The great Brazilian factories will face a favorable situation to invest more in 2005 ...

Haiti’s Brazilian-Led Occupation Force Might Leave Soon. Good Riddance!

As one of his first measures in office, Brazilian Defense Minister Celso Amorim plans ...

Corruption Yes, Vote Buying No, Say Brazil’s Government Allies

Congressmen who belong to Brazilian political parties allied with the government who are members ...

Brazil-Arab Trade Basket Has Grown to 1901 Items

After reaching record revenues of US$ 5.2 billion last year, Brazilian exports to the ...

Brazilian Sebastií£o Salgado Pans ‘Greediness of Soybean Culture’

The Brazilian world-renowned photographer Sebastião Salgado was an illustrious guest at the Kuarup (an ...

Brazil Farm Wants to Give the World a Taste of Quail Egg

The first egg exports by Santo Antônio Egg Farm (ASA), from the southeastern Brazilian ...

AIDS: Breaking Patents Is the Only Solution, Says Brazil

Brazil’s Minister of Health, Humberto Costa, said that increases in the quantities spent on ...

Brazil’s Lula Wants Constitutional Amemdment for Education Fund

President Luiz Inácio Lula da Silva, who announced measures, yesterday, in the Planalto Palace, ...

Protest march in Brazil

Unhappy with Slow Pace of Change Brazil’s Left Wants New Economic Model

Assuming a second term of office, Brazilian President Luiz Inácio da Silva told Congress: ...