LL&E Royalty Trust Announces Receipt of NYSE Notice
19 Diciembre 2008 - 3:52PM
Business Wire
LL&E Royalty Trust (NYSE: LRT) announced today that it has
received a notice from The New York Stock Exchange (the "NYSE")
stating that the Trust has fallen below the NYSE's continued
listing standard relating to the average closing price of the
Trust's securities and that, as such, the Trust is now subject to
the procedures outlined in sections 801 and 802 of the NYSE Listed
Company Manual. Rule 802.01C of the NYSE Listed Company Manual
requires that the securities have a minimum average closing price
of not less than $1.00 during a consecutive 30 trading-day period.
During 2006 and 2007 the Trust's net revenues were below the
minimum amounts required by the Trust's governing documents for the
continuation of the Trust. Consequently, in accordance with its
governing documents, the Trust terminated effective December�31,
2007 and will sell its assets. However, as announced by the Trustee
on October 22, 2008, the Trustee has determined that, in light of
current market conditions, it is in the best interests of the
Unitholders to postpone the sale of the Trust's assets. The Trustee
will review market conditions frequently, and intends to recommence
the marketing process as soon as practicable. This press release
contains statements that are "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements contained in this press release, other than
statements of historical facts, are "forward-looking statements"
for purposes of these provisions. These forward-looking statements
include those relating to estimates of the length of the
postponement of the sale of the Trust's assets and all statements
regarding the future status and termination of the Trust. An
investment in Units issued by LL&E Royalty Trust is subject to
the risks described in the Trust's Annual Report on Form 10-K for
the year ended December 31, 2007, and all of its other filings with
the Securities and Exchange Commission. The Trust's annual,
quarterly and other filed reports are available over the Internet
at the SEC's web site at http://www.sec.gov.
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