US: Glacier Water Services to delist from AMEX
Glacier Water Services has been notified by the American Stock Exchange (AMEX) that it is not in compliance with the AMEX continued listing standards.
In a statement the company said that, specifically, it does not have 300 or more public shareholders as required by the AMEX Company Guide.
The company currently has approximately 30 public shareholders of record and has no plans to attempt to broaden its ownership to the level required by the AMEX.
The chairman of the board of directors, Charles Norris, addressed this by saying: "We have a small and loyal shareholder base that is pleased with the positioning and prospects of the company. The board has concluded that it is not in the best interest of the company to dilute the shareholders' ownership positions for the purpose of satisfying this requirement.
"Additionally, delisting and deregistration of the shares will obviate the need to comply with the increasingly burdensome administrative requirements of a National Market listed company. We believe a delisting from the AMEX is appropriate at this time and will not take away from the fundamental value of the company."
The notice from AMEX also states that the company has shareholders' equity below, and losses from continuing operations and/or net losses in excess of, the amounts set forth in sections of the Company Guide.
"Management believes that this aspect of the AMEX notice is technical in nature and does not reflect the positive state of the company's overall financial position and operating performance," the statement said.
"The company expects to continue to generate free cash flow at levels sufficient to pay its operating costs, cash dividends on its preferred securities, and to continue to support its growth plans."
Glacier intends to submit an application with the Securities and Exchange Commission and the AMEX for the approval of the delisting of its Common Stock and Trust Preferred Securities from the AMEX.
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