[Federal Register Volume 64, Number 52 (Thursday, March 18, 1999)]
[Notices]
[Pages 13458-13459]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-6550]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Delmarva Power & Light Company, 3.7%, 4.0%, 4.20%,
4.28%, 4.56%, 5.00%, 6.75% and 7.75% Cumulative Preferred Stock;
Adjustable Rate Cumulative Preferred Stock, Series A; and Auction Rate
Cumulative Preferred Stock, Series A) File No. 1-1405
March 11, 1999.
Delmarva Power & Light Company (``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 Philadelphia Stock Exchange, Inc. (``PHLX'' or
``Exchange'').
The reasons cited in the application for withdrawing the Securities
from listing and registration include the following:
Effective March 1, 1998, the Company became a wholly owned
subsidiary of Conectiv, a company registered under the Public Utility
Holding Company Act of 1935. The decision to delist the securities from
the Exchange is due to the need to reduce administrative costs and
provide for a more efficient subsidiary management structure. The
Securities are either held by institutions or have less than 500
holders in total and trade infrequently. The decision to delist the
securities from the PHLX will not affect the ability to trade them
over-the-counter.
The Company has complied with Rule 809 of the Exchange by filing
with the Exchange a certified copy of the resolutions adopted by the
Company's Board of Directors authorizing the withdrawal of its
Securities from listing on the Exchange and by setting forth in detail
to the Exchange the reasons for the proposed withdrawal, and the facts
in support thereof. In making the decision to withdraw its Securities
from listing on the Exchange, the Company considered the direct and
indirect costs and expenses of listing its Securities on the Exchange.
[[Page 13459]]
The Exchange has informed the Company that it has no objection to
the withdrawal of the Company's Securities from listing on the
Exchange.
The application refers only to the Securities set forth above and
would not affect the Company's obligations, by reason of Section 12(b)
of the Act and the rules and regulations of the Commission thereunder,
to continue to file reports with the Commission under Section 13 of the
Act with respect to its other issues.
Any interested person may, on or before, April 1, 1999, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, NW, Washington, DC 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.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-6550 Filed 3-17-99; 8:45 am]
BILLING CODE 8010-01-M
