Issuer Delisting; Notice of Application of Chevron Corporation, To Withdraw Its Common Stock, $.75 Par Value, From Listing and Registration on the Pacific Exchange, Inc., 14746-14747 [E6-4177]

Download as PDF 14746 Federal Register / Vol. 71, No. 56 / Thursday, March 23, 2006 / Notices obligation to be registered under Section 12(b) of the Act.3 Any interested person may, on or before April 11, 2006, comment on the facts bearing upon whether the application has been made in accordance with the rules of PCX, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods: Comments must be submitted to OMB within 30 days of this notice. March 16, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–4174 Filed 3–22–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 1–12672] Electronic Comments Issuer Delisting; Notice of Application of AvalonBay Communities, Inc. To Withdraw Its Common Stock, $.01 Par Value, and 8.70% Series H Cumulative Redeemable Preferred Stock, $.01 Par Value, From Listing and Registration on the Pacific Exchange, Inc. wwhite on PROD1PC61 with NOTICES March 16, 2006. On March 13, 2006, AvalonBay Communities, Inc., a Maryland corporation (‘‘Issuer’’), filed an application with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 12d2–2(d) thereunder,2 to withdraw its common stock, $.01 par value, and 8.70% series H cumulative redeemable preferred stock, $.01 par value, (collectively ‘‘Securities’’), from listing and registration on the Pacific Exchange, Inc. (‘‘PCX’’). The Board of Directors (‘‘Board’’) of the Issuer approved resolutions on February 8, 2006 to withdraw the Securities from listing on PCX. The Issuer stated that the Board decided to withdraw the Securities from listing on PCX because the Issuer has determined that: (i) The benefits of continued listing on PCX do not outweigh the incremental cost of the listing fees and the administrative burden associated with listing on PCX and (ii) the Securities are listed, and will continue to list on the New York Stock Exchange, LLC (‘‘NYSE’’) which, based on recent trading volumes appears adequate to meet investors needs. The Issuer stated in its application that it has complied with applicable rules of PCX by providing PCX with the required documents governing the withdrawal of securities from listing and registration on PCX. The Issuer’s application relates solely to the withdrawal of the Securities from listing on PCX and shall not affect their continued listing on NYSE or their • Send an e-mail to rulecomments@sec.gov. Please include the File Number 1–12672 or; Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number 1–12672. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/rules/delist.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. 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.4 Nancy M. Morris, Secretary. [FR Doc. E6–4176 Filed 3–22–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 1–00368] Issuer Delisting; Notice of Application of Chevron Corporation, To Withdraw Its Common Stock, $.75 Par Value, From Listing and Registration on the Pacific Exchange, Inc. March 16, 2006. On March 13, 2006, Chevron Corporation, a Delaware corporation (‘‘Issuer’’), filed an application with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 12d2–2(d) thereunder,2 to withdraw its common stock, $.75 par value (‘‘Security’’), from listing and registration on the Pacific Exchange, Inc. (‘‘PCX’’). The Board of Directors (‘‘Board’’) of the Issuer approved a resolution on February 28, 2006 to withdraw the Security from listing on PCX. The Issuer stated that the Board decided to withdraw the Security from listing on PCX because the benefits of continued listing on PCX do not outweigh the incremental cost of the listing fees and the administrative burden associated with listing on PCX. The Issuer stated that the Security is listed on the New York Stock Exchange, LLC (‘‘NYSE’’) and will remain listed on NYSE. The Issuer stated in its application that it has complied with applicable rules of PCX by providing PCX with the required documents governing the withdrawal of securities from listing and registration on PCX. The Issuer’s application relates solely to the withdrawal of the Security from listing on PCX and shall not affect its continued listing on NYSE or its obligation to be registered under Section 12(b) of the Act.3 Any interested person may, on or before April 11, 2006, comment on the facts bearing upon whether the application has been made in accordance with the rules of PCX, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods: Electronic Comments • Send an e-mail to rulecomments@sec.gov. Please include the File Number 1–00368 or; 1 15 U.S.C. 78l(b). 4 17 CFR 200.30–3(a)(1). U.S.C. 78l(d). 2 17 CFR 240.12d2–2(d). VerDate Aug<31>2005 16:54 Mar 22, 2006 U.S.C. 78l(d). CFR 240.12d2–2(d). 3 15 U.S.C. 78l(b). 3 15 1 15 Jkt 208001 PO 00000 Frm 00070 Fmt 4703 2 17 Sfmt 4703 E:\FR\FM\23MRN1.SGM 23MRN1 Federal Register / Vol. 71, No. 56 / Thursday, March 23, 2006 / Notices Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number 1–00368. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/rules/delist.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. 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.4 Nancy M. Morris, Secretary. [FR Doc. E6–4177 Filed 3–22–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 1–12998] Issuer Delisting; Notice of Application of TDC A/S (Formerly Tele Danmark A/S) To Withdraw Its American Depositary Shares (Evidenced by American Depositary Share Receipts, Each Representing One Half of One Ordinary Share, Par Value DKK 5 Each and Ordinary Shares, Par Value DKK 5), From Listing and Registration on the New York Stock Exchange, LLC wwhite on PROD1PC61 with NOTICES March 17, 2006. On March 13, 2006, TDC A/S (formerly Tele Danmark A/S), a company incorporated under the laws of Denmark (‘‘Issuer’’), filed an application with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 12d2–2(d) thereunder,2 to withdraw its 4 17 CFR 200.30–3(a)(1). U.S.C. 78l(d). 2 17 CFR 240.12d2–2(d). 1 15 VerDate Aug<31>2005 16:54 Mar 22, 2006 Jkt 208001 American Depositary Shares (evidenced by American Depositary Share Receipts, each representing one half of one Ordinary Share, par value DKK 5 each) (‘‘ADS’’) and Ordinary Shares, par value DKK 5 each (‘‘Shares’’) (collectively, ‘‘Securities’’), from listing and registration on the New York Stock Exchange, LLC (‘‘NYSE’’). On March 3, 2006, the Board of Directors (‘‘Board’’) of the Issuer approved a resolution to withdraw the Securities from listing and registration on NYSE. The Issuer stated that the following reasons factored into the Board’s decision to withdraw the Securities from listing on NYSE. First, the number of holders of the ADS resident in the United States decreased considerably in connection with the completion of the tender offer for all Securities (‘‘Tender Offer’’) by Nordic Telephone Company ApS (‘‘Purchaser’’) that expired on January 20, 2006. Pursuant to the Tender Offer, the Purchaser purchased 88.2% of the share capital of the Issuer. Based on information provided by Innisfree M&A Incorporated, as of early February 24, 2006, there were approximately 1,710 ADS accounts held by U.S. holders containing an aggregate of approximately 799,122 ADS (or the equivalent of 399,561 Ordinary Shares). Second, trading of the ADS on NYSE has also decreased since completion of the Tender Offer. The average daily trading volume of the ADS for the threeweek period ending on February 24, 2006 was approximately 9,200. The average daily trading volume of the ADS for the corresponding three-week period in 2005 was approximately 32,800. The average daily trading volume of the ADS for the five-day period ending on February 24, 2006 was approximately 7,800. The average daily trading volume for the corresponding five-day period in 2005 was 71,100. The average daily trading volume of the ADS for the oneyear period ending on February 24, 2006 was approximately 32,400. The daily trading volume on February 24, 2006 was approximately 3,900. These decreases, as well as the factors mentioned below, have caused the Issuer to re-evaluate the merits of maintaining its NYSE listing and registration under the Act. Third, the Issuer has adopted amendments to its articles of incorporation to permit the Purchaser to redeem all outstanding shares (including those represented by the ADS) not held by the Purchaser in a compulsory acquisition. The Board took notice of certain protests raised against the validity of said amendments; irrespective thereof the U.S. delisting PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 14747 were still considered to be in the best interest of the Issuer. In addition, in connection with the proposed delisting from NYSE, the Board also considered that the Board, following the extraordinary general meeting of the Issuer’s shareholders held on February 28, 2006, does not include any directors who satisfy the ‘‘independence’’ standards under NYSE’s corporate governance rules. The Issuer is therefore unable to comply with Subsection 303A.06 of the Listed Company Manual, which requires that the Issuer have an audit committee, each member of which satisfies the independence standards of the NYSE. The Board has therefore decided not to form an audit committee for the time being. As a result, the Issuer is in material non-compliance with NYSE’s Corporate Governance Standards applicable to foreign private issuers. The Issuer stated that the Shares are currently listed on the Copenhagen Stock Exchange and the Issuer expects to seek to withdraw the Shares on the Copenhagen Stock Exchange. The Issuer stated in its application that it has complied with NYSE’s rules governing an issuer’s voluntary withdrawal of a security from listing and registration by providing NYSE with the required documents governing the removal of securities from listing and registration on NYSE. The Issuer’s application relates solely to the withdrawal of the Securities from listing on NYSE and from registration under Section 12(b) of the Act,3 and shall not affect their obligation to be registered under Section 12(g) of the Act.4 Any interested person may, on or before April 12, 2006, comment on the facts bearing upon whether the application has been made in accordance with the rules of NYSE, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/delist.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include the File Number 1–12998 or; Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 3 15 4 15 U.S.C. 78l(b). U.S.C. 78l(g). E:\FR\FM\23MRN1.SGM 23MRN1

Agencies

[Federal Register Volume 71, Number 56 (Thursday, March 23, 2006)]
[Notices]
[Pages 14746-14747]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4177]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 1-00368]


Issuer Delisting; Notice of Application of Chevron Corporation, 
To Withdraw Its Common Stock, $.75 Par Value, From Listing and 
Registration on the Pacific Exchange, Inc.

March 16, 2006.
    On March 13, 2006, Chevron Corporation, a Delaware corporation 
(``Issuer''), filed an application with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 12(d) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) 
thereunder,\2\ to withdraw its common stock, $.75 par value 
(``Security''), from listing and registration on the Pacific Exchange, 
Inc. (``PCX'').
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
---------------------------------------------------------------------------

    The Board of Directors (``Board'') of the Issuer approved a 
resolution on February 28, 2006 to withdraw the Security from listing 
on PCX. The Issuer stated that the Board decided to withdraw the 
Security from listing on PCX because the benefits of continued listing 
on PCX do not outweigh the incremental cost of the listing fees and the 
administrative burden associated with listing on PCX. The Issuer stated 
that the Security is listed on the New York Stock Exchange, LLC 
(``NYSE'') and will remain listed on NYSE.
    The Issuer stated in its application that it has complied with 
applicable rules of PCX by providing PCX with the required documents 
governing the withdrawal of securities from listing and registration on 
PCX. The Issuer's application relates solely to the withdrawal of the 
Security from listing on PCX and shall not affect its continued listing 
on NYSE or its obligation to be registered under Section 12(b) of the 
Act.\3\
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78l(b).
---------------------------------------------------------------------------

    Any interested person may, on or before April 11, 2006, comment on 
the facts bearing upon whether the application has been made in 
accordance with the rules of PCX, and what terms, if any, should be 
imposed by the Commission for the protection of investors. All comment 
letters may be submitted by either of the following methods:

Electronic Comments

     Send an e-mail to rule-comments@sec.gov. Please include 
the File Number 1-00368 or;

[[Page 14747]]

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number 1-00368. This file 
number should be included on the subject line if e-mail is used. To 
help us process and review your comments more efficiently, please use 
only one method. The Commission will post all comments on the 
Commission's Internet Web site (https://www.sec.gov/rules/delist.shtml). 
Comments are also available for public inspection and copying in the 
Commission's Public Reference Room. All comments received will be 
posted without change; we do not edit personal identifying information 
from submissions. You should submit only information that you wish to 
make available publicly.
    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.\4\
---------------------------------------------------------------------------

    \4\ 17 CFR 200.30-3(a)(1).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E6-4177 Filed 3-22-06; 8:45 am]
BILLING CODE 8010-01-P
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