[Federal Register Volume 63, Number 89 (Friday, May 8, 1998)]
[Notices]
[Page 25531]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12209]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Pope Resources, A Delaware Limited Partnership,
Depositary Receipts (Units)) File No. 1-9035
May 4, 1998.
Pope Resources, A Delaware Limited Partnership (``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 Pacific Exchange, Inc. (``PCX'' or ``Exchange'').
The reasons cited in the application for withdrawing the Security
from listing and registration include the following:
The Security of the Company has been listed for trading on the
Exchange since December 6, 1995, and has been approved for quotation on
the NASDAQ National Market System (``NASDAQ'') since July 16, 1991.
The Company has complied with Exchange Rule 3.4(b) by filing with
the Exchange a certified copy of the resolution adopted by the
Company's Board of Directors authorizing the delisting of the Security
from the PCX and a letter setting forth in detail the reasons for the
proposed delisting and facts in support thereof. In deciding to
withdraw the Security from listing and registration on the PCX, the
Company considered the costs and expenses of maintaining the dual
listing of its Security on the PCX and the NASDAQ. The Company sees no
advantage in the dual trading of its Security and believes that the
dual listing has fragmented the market for its Security and has created
arbitrage opportunities that have led to instability in the price of
the Company's Security. There have often been significant differences
in the price at which the Security trades in one market as opposed to
the other, which has been exacerbated due to how thinly the Security is
traded on the PCX.
By letter dated March 16, 1998, the Exchange informed the Company
that it had approved the company's request to be removed from listing
and registration on the PCX.
The Company shall continue to be obligated to file reports under
Section 13 of the Act with the Commission.
Any interested person may, on or before May 26, 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. 98-12209 Filed 5-7-98; 8:45 am]
BILLING CODE 8010-01-M
