NYSE Amex Accepts New England Realty Associates (NYSE AMEX: NEN) Compliance Plan in Response to Notice of Noncompliance with NYSE Amex Continued Listing Standards
ALLSTON, Mass., Nov. 15, 2011 /PRNewswire/ -- On September 9, 2011, New England Realty Associates Limited Partnership (the "Partnership") received a notification letter from the Corporate Compliance Department of the NYSE Amex LLC (the "NYSE Amex") indicating that as of June 30, 2011 the Partnership is not in compliance with the minimum stockholders' equity requirement for continued listing of the Partnership's Depositary Receipts on the NYSE Amex. Specifically, the Partnership is not in compliance with Section 1003(a)(i) of the NYSE Amex Company Guide (the "Company Guide") since it reported stockholders' equity of less than $2,000,000 at June 30, 2011 and has incurred losses from continuing operations and/or net losses in two out of its three most recent fiscal years ended December 31, 2010.
The Partnership was afforded the opportunity to submit a plan of compliance (the "Compliance Plan") to the NYSE Amex and on October 4, 2011 the Partnership presented its Compliance Plan to the NYSE Amex.
On November 10, 2011, the NYSE Amex notified the Partnership that it accepted the Partnership's Compliance Plan and granted the Partnership an extension until March 11, 2013 to regain compliance with the continued listing standards of the NYSE Amex as set forth in the Company Guide. The Partnership will be subject to periodic review by the staff of the NYSE Amex during the extension period. Failure to make progress consistent with the Compliance Plan or to regain compliance with the continued listing standards of the NYSE Amex as set forth in the Company Guide by the end of the extension period could result in the Partnership being delisted from the NYSE Amex.
In furtherance of the Compliance Plan, the Partnership has authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt shall represent one-thirtieth (1/30) of a Class A Unit of the Partnership. The Partnership has fixed December 16, 2011 as the record date for the forward split of its Depositary Receipts which shall become effective as of the opening of trading on the NYSE Amex on January 3, 2012.
SOURCE New England Realty Associates Limited Partnership
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