[Federal Register Volume 64, Number 204 (Friday, October 22, 1999)]
[Notices]
[Pages 57160-57161]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27596]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application to Withdraw from Listing
and Registration; (Starwood Hotels & Resorts Worldwide, Inc., Common
Stock, Par Value $.01 Per Share; Preferred Stock Purchase Rights; and
Class B Shares of Beneficial Interest, Par Value $.01 Per Share) File
No. 1-7959
October 18, 1999.
Starwood Hotels & Resorts Worldwide, 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 securities (``Securities'') from listing
and registration on the Pacific Exchange, Inc. (``PCX''or
``Exchange''.) \1\
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\1\ Notice of this application was previously issued by the
Commission as Securities Exchange Act Release No. 41902 on September
22, 1999. Such notice, however, failed to appear in the Federal
Register, as required, and so is being reissued.
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The reasons cited in the application for withdrawing the Securities
from listing and registration include the following:
The Company maintains that it derives no advantage from having its
Securities listed on the PCX. The Securities are also currently listed
on the New York Stock Exchange, Inc. (``NYSE'') where they trade
together as a unit. The Company represents that the bulk of the trading
in the Securities occurs on the NYSE. In view of the comparatively low
level of trading in the Securities on the PCX, the Company has
determined that the expenses attributable to maintaining their listing
and registration on the PCX are not in the best interests of the
Company or its shareholders.
The Company has complied with the rules of the PCX by filing with
the Exchange a certified copy of resolutions adopted by the Company's
Board of Directors authorizing withdrawal of its Securities from
listing on the PCX as well as correspondence setting forth in detail to
the Exchange the reasons for such proposed withdrawal, and the facts in
support thereof.
[[Page 57161]]
The Exchange has informed the Company that it has no objection to
the withdrawal of the Company's Securities from listing on the PCX.
This application relates solely to the withdrawal by the Company of
the Securities' listing on the PCX and shall have no effect upon the
continued listing of such Securities on the NYSE. By reason of Section
12(b) of the Act and the rules and regulations of the Commission
thereunder, the Company shall continue to be obligated to file reports
with the Commission and the NYSE under Section 13 of the Act.
Any interested person may, on or before November 8, 1999, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549-0609, 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. 99-27596 Filed 10-21-99; 8:45 am]
BILLING CODE 8010-01-M
