[Federal Register Volume 63, Number 14 (Thursday, January 22, 1998)]
[Notices]
[Page 3362]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1489]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application to Withdraw From Listing
and Registration; (CECO Filters, Inc., Common Stock, $.001 Par Value)
File No. 1-10474
January 15, 1998.
CECO Filters, Inc. (``Company'') has filed an application with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and Rule
12d2-2(d) promulgated thereunder, to withdraw the above specified
security (``Security'') from listing and registration on the
Philadelphia Stock Exchange, Inc. (``Phlx'' or ``Exchange'').
The reasons cited in the application for withdrawing the Security
from listing and registration include the following:
The Company has complied with the Exchange's rules regarding the
voluntary delisting of securities. The Company has filed with the
Exchange a copy of the resolutions adopted by the Company's Board of
Directors authorizing the withdrawal of the Security from listing and
registration on the Phlx, and by setting forth in detail to the
Exchange the facts and reasons supporting the proposed withdrawal.
The Company is more than 80% owned by CECO Environmental Corp.
(``Environmental''). Environmental's common stock is currently listed
on the Nasdaq SmallCap Market. The Company constitutes Environmental's
primary asset and is its only operating subsidiary. The common stock of
Environmental has greater liquidity and a much larger public float than
the Security. Because of the liquidity differences and varying levels
of participation by market professionals, the prices of the Security
and the common stock of Environmental have diverged and are no longer
aligned. The Company also believes that maintaining both listings is
expensive. Accordingly, the Company believes that the Security and
common stock of Environmental should not both be listed.
Furthermore, the Company has approximately 224 shareholders. The
Company has concluded that the public float is too small for the
Security to have an active trading market.
In making the decision to withdraw its Security from listing and
registration on the Phlx, the Company considered the costs and expenses
associated with listing both the Security and the common stock of
Environmental.
By letter dated December 8, 1997, the Phlx informed the Company
that it had no objection to the withdrawal of the Company's Security
from listing on the Phlx.
Any interested person may, on or before February 5, 1998, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether
the application has been made in accordance with the rules of the
Exchange and what terms, if any, should be imposed by the Commission
for the protection of investors. The Commission, based on the
information submitted to it, will issue an order granting the
application after the date mentioned above, unless the Commission
determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-1489 Filed 1-21-98; 8:45 am]
BILLING CODE 8010-01-M
