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| TRU > SEC Filings for TRU > Form 8-K on 15-Oct-2009 | All Recent SEC Filings |
15-Oct-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
As previously disclosed by Torch Energy Royalty Trust (the "Trust") in its
Current Report on Form 8-K filed with the Securities and Exchange Commission
(the "SEC") on May 7, 2009, the Trust received a letter from the NYSE
Regulation, Inc. (the "NYSE") on May 1, 2009 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, 2008 (the "2008 Annual Report") with the SEC, the
Trust was subject to certain procedures as specified in Section 802.01E, "SEC
Annual Report Timely Filing Criteria," of the NYSE's Listed Company Manual
("Section 802.01E") and further, 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 2008 Annual Report,
if circumstances warrant.
As the Trust and its auditors have not yet finalized the financial statements,
audit, and SOX 404 internal control review for the year ended December 31, 2008,
the Trust remains unable to file its 2008 Annual Report. Therefore, the Trust
requested an extension for continued listing and trading on the NYSE
notwithstanding its failure to file its 2008 Annual Report. On October 15, 2009,
the Trust issued a press release (the "Press Release") disclosing the receipt of
notice from the NYSE, received on October 9, 2009, of the NYSE's grant of such
an extension, providing the Trust until December 31, 2009 to complete and file
its 2008 Annual Report with the SEC. However, the NYSE stated in its extension
grant that such extension is subject to reassessment on an ongoing basis and the
NYSE would closely monitor the Trust's progress in completing and filing the
2008 Annual Report. Failure of the Trust to make progress in its efforts to
complete and file the 2008 Annual Report could result in a suspension of the
Trust's listing and trading privileges.
The Trust and its auditors are working diligently to finalize the financial
statements, audit, and SOX 404 internal control review necessary to complete the
2008 Annual Report and intends to complete and file the 2008 Annual Report as
soon as reasonably practicable.
A copy of the Press Release is furnished as Exhibit 99.1 and is incorporated
herein by reference in response to this Item 3.01.
Cautionary Statement on Risks Associated with the Trust's Forward-Looking
Statements.
This Form 8-K contains forward-looking statements, as defined in Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, by the Trust that are subject to risks and uncertainties. The words
"believe," "expect," "anticipate," "intend," "plan," "estimate," "may,"
"should," "could," and similar expressions are intended to identify such
statements. Forward-looking statements are not guarantees of future performance
and are to be interpreted only as of the date on which they are made. The Trust
undertakes no obligation to update or revise any forward-looking statement
except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit 99.1 Torch Energy Royalty Trust Press Release dated October 15, 2009 (furnished not filed).
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