The New York Stock Exchange has warned Britain's largest cable company, US-owned NTL, that its shares could be delisted following their plunge from a high of $37.35 exactly a year ago to $0.38 at close of trading Tuesday.
According to NYSE rules, delisting is automatic for any company whose shares trade at below $1 for thirty consecutive days. NTL, whose stock has been scraping the 30 cents mark since January, has appealed to the NYSE for a six-month moratorium while it restructures its $17.5 billion debt mountain [WAMN: 01-Feb-02].
The cable operator issued the following statement on Tuesday: “Under NYSE rules, the exchange may grant a period of up to six months during which the company must come into conformity with the continued listing requirements, subject to ongoing monitoring. NTL has requested that this time period be granted.”
The NYSE has yet to respond to the appeal.
News source: MediaGuardian.co.uk