LL&E Royalty Trust Announces Pending NYSE Delisting
November 17 2009 - 4:30PM
Business Wire
LL&E Royalty Trust (NYSE: LRT) announced today that it has
received a notice from NYSE Regulation, Inc. (“NYSE Regulation”)
stating that NYSE Regulation has determined that the Units of
Beneficial Interest (the “Units”) in the Trust – ticker symbol LRT
– should be suspended prior to the opening on Friday, November 20,
2009. The Trust expects to be trading on the Pink Sheets under a
symbol yet to be determined that same day however, no assurance can
be given that this will occur.
The Trust has previously announced its receipt of prior notices
from the New York Stock Exchange ("NYSE") regarding the anticipated
delisting. NYSE Regulation stated that its decision was reached in
view of that fact that the Units had fallen below the NYSE
continued listing standard for average closing price of less than
$1.00 over a consecutive 30 trading day period and that the Trust
had failed to cure this non-compliance within the required
timeframe.
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 SEC to delist the issue is pending the completion of
applicable procedures, including any appeal by the Trust of the
NYSE Regulation staff’s decision; however, the Trust does not
intend to appeal the staff's decision. The NYSE may, at any time,
suspend a security if it believes that continued dealings in or
listing of the security on the NYSE is not advisable.
During 2006 and 2007 the Trust's net revenues were below the
minimum amounts required by the Trust's governing documents for the
continuation of the Trust. Consequently, in accordance with its
governing documents, the Trust terminated effective
December 31, 2007 and is required to sell its assets. The
Trustee announced on October 22, 2008 that the Trustee had
determined that, in light of market conditions, it was in the best
interests of the Unitholders to postpone the sale of the Trust's
assets. As previously announced, on November 11, 2009, the Trust
sold its interests in the south Louisiana properties described in
the Trust's public filings as the "Fee Lands." The Trustee
continues to review market conditions frequently, and intends to
recommence the marketing process for the rest of the Trust's assets
as soon as practicable.
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements contained in this press
release, other than statements of historical facts, are
"forward-looking statements" for purposes of these provisions.
These forward-looking statements include those relating to
estimates of the length of the postponement of the sale of the
Trust's assets and all statements regarding the future status and
termination of the Trust. An investment in Units issued by LL&E
Royalty Trust is subject to the risks described in the Trust's
Annual Report on Form 10-K for the year ended December 31, 2008,
and all of its other filings with the Securities and Exchange
Commission. The Trust's annual, quarterly and other filed reports
are available over the Internet at the SEC's web site at
http://www.sec.gov.
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