[Federal Register Volume 61, Number 123 (Tuesday, June 25, 1996)]
[Notices]
[Pages 32867-32868]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-16059]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application to Withdraw from Listing
and Registration; (Struthers Industries, Inc., Common Stock, $.10 par
Value) File No. 1-10942
June 19, 1996.
Struthers Industries, 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 American
Stock Exchange, Inc. (``Amex'').
The reasons alleged in the application for withdrawing the Security
from listing and registration include the following:
According to the Company, on March 27, 1996, the Company received a
letter from the Exchange stating that the Exchange was considering
delisting the securities of Struthers because the
[[Page 32868]]
Exchange believed that the Company's had fallen below certain of the
Exchange's continued listing guidelines. The Company's responded to the
letter with two detailed submissions to the Exchange dated May 9, 1996
and May 30, 1996. These submissions addressed the concerns raised by
the Exchange in the letter as well as the concern raised at meetings
held between officials of the Company and the Exchange on April 16,
1996 and May 14, 1996.
On June 4, 1996, the Company received as a letter from the Exchange
stating that the Exchange had made a determination to delist the
Company's Security.
The Company has informed the Exchange that it is the position of
the Company that throughout the process initiated by the Exchange on
March 27, 1996, the Company has fully cooperated with the Exchange
staff and has provided to the staff extensive submissions which the
Company believes make clear that the Company has complied with the
Exchange's continued listing guidelines. The Company and the Exchange,
however, have been unable to resolve their difference on this issue.
The Company has informed the Exchange, therefore, that it is the
Company's position that in view of the impasse between the Exchange and
the Company, and in view of the large expenditures of money and
management time that would be required before a final resolution of the
matters at issue could be obtained, it is in the best interests of both
the Company and its shareholders that matters be settled by the removal
of the Company's Security from listing on the Exchange.
The Company has been informed by the Exchange that it is also the
position of the Exchange that it would be in the best interests of the
Exchange and the investing public to settle matters with the Company as
provided in this application.
Accordingly, the Exchange and the Company have agreed to settle
matters between them by the Company making this application to remove
its Security from listing on the Exchange. In accordance therewith, the
Company and the Exchange have agreed that, coincident with the approval
of this application by the Commission, the Exchange will withdraw its
letter of June 4, 1996.
For purposes of Section 1011 of the Exchange's Listed Company
Guide, the Exchange and the Company have agreed that the Exchange staff
and the Company management have not been able to agree concerning the
application of certain continued listing guidelines to the Company, and
that it is unlikely that they will be able to reach agreement on this
matter.
Any interested person may, on or before July 11, 1996, 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
exchanges 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. 96-16059 Filed 6-24-96; 8:45 am]
BILLING CODE 8010-01-M
