Macquarie Infrastructure Company Receives Notice Regarding NYSE Listing
Date : 04/14/2009 @ 9:27AM
Source : Business Wire
Stock : Macquarie Infrastructure Company LLC (MIC)
Quote : 2.37 -0.04 (-1.66%) @ 8:00PM
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Macquarie Infrastructure Company Receives Notice Regarding NYSE Listing
Macquarie Infrastructure Company LLC announced that it has been notified by the New York Stock Exchange (NYSE) that it has fallen below the NYSE’s continued listing standard related to total market capitalization. The NYSE requires that the average market capitalization of a company listed under the Valuation and Cash Flow Standard be not less than $75 million over a consecutive 30 trading-day period. As of April 7, 2009, the date of the notice, MIC’s 30 trading-day average market capitalization was approximately $65.3 million.
MIC intends to submit a written plan to the NYSE, within the allotted 45 day period, summarizing the steps that it has taken and will take to regain compliance with the listing standard. The Company expects to have 18 months from the date of the notice in which to achieve compliance.
“We are acutely aware of the potential impact of the economic downturn and the tightening of the credit markets on our businesses”, said Peter Stokes, chief executive officer of MIC. “However, we believe the price of our shares, and therefore our market capitalization, overstates the impact of the market conditions and undervalues the current and future cash generating capacity of our businesses.”
Among the items that the Company will reference in the plan it submits to the NYSE are its ongoing debt reduction initiatives, particularly as they pertain to the airport services and holding company level facilities. The plan will also note completed and potential further reductions in operating expenses.
None of MIC’s operations, credit agreements or debt obligations is affected by this notification. The notice does not alter the Company’s reporting requirements with the Securities and Exchange Commission.
AI
