Torch Energy Royalty Trust receives a letter from the NYSE regarding the failure to timely file its 2011 Annual Report on Form 10-K
Torch Energy Royalty Trust (NYSE: TRU) announced that it received a letter from NYSE Regulation, Inc. on April 18, 2012 informing the Trust that, as a result of its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2011 with the Securities and Exchange Commission, the Trust is subject to certain procedures as specified in Section 802.01E of the NYSE's Listed Company Manual.
Section 802.01E provides that the NYSE will monitor the status of the Trust's filing of the 2011 Annual Report for a six-month period from the extended filing due date for the 2011 Annual Report (such extension as discussed below). If the 2011 Annual Report is not filed with the SEC, the NYSE will, in its sole discretion, upon expiration of such six-month period, determine whether to provide the Trust with an additional six-month period in which to file the 2011 Annual Report. The letter also states that, regardless of the procedures specified in Section 802.01E, the NYSE could commence delisting procedures at any time during any period that is available to complete the filing of the 2011 Annual Report, if circumstances warrant.
As previously disclosed by the Trust in its Notification of Late Filing on Form 12b-25, filed with the SEC on April 2, 2012, the Trust has been unable to timely file the 2011 Annual Report due to the inability of the Trust to obtain and compile all required financial information required to be included in the 2011 Annual Report. Pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, the Trust received an extension until April 16, 2012 to file the 2011 Annual Report, which extension has now expired. The Trust is working diligently to obtain the required information and intends to complete and file the 2011 Annual Report as soon as reasonably practicable.
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