Attached files
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8-K - FORM 8-K - LL&E ROYALTY TRUST | h68824e8vk.htm |
Exhibit 99.1
LL&E-ROYALTY TRUST
LL&E ROYALTY TRUST ANNOUNCES PENDING NYSE DELISTING
LL&E ROYALTY TRUST
The Bank of New York Mellon Trust Company, N.A. Trustee | NEWS RELEASE |
FOR IMMEDIATE RELEASE
AUSTIN, TEXAS (November 17, 2009) LL&E Royalty Trust (NYSE: LRT) announced today that it has
received a notice from NYSE Regulation, Inc. (NYSE Regulation) stating that NYSE Regulation has
determined that the Units of Beneficial Interest (the Units) in the Trust ticker symbol LRT
should be suspended prior to the opening on Friday, November 20, 2009. The Trust expects to be
trading on the Pink Sheets under a symbol yet to be determined that same day however, no assurance
can be given that this will occur.
The Trust has previously announced its receipt of prior notices from the New York Stock Exchange
(NYSE) regarding the anticipated delisting. NYSE Regulation stated that its decision was reached
in view of that fact that the Units had fallen below the NYSE continued listing standard for
average closing price of less than $1.00 over a consecutive 30 trading day period and that the
Trust had failed to cure this non-compliance within the required timeframe.
The Trust has a right to a review of this determination by a Committee of the Board of Directors of
NYSE Regulation. Application to the SEC to delist the issue is pending the completion of applicable
procedures, including any appeal by the Trust of the NYSE Regulation staffs decision; however, the
Trust does not intend to appeal the staffs decision. The NYSE may, at any time, suspend a security
if it believes that continued dealings in or listing of the security on the NYSE is not advisable.
During 2006 and 2007 the Trusts net revenues were below the minimum amounts required by the
Trusts governing documents for the continuation of the Trust. Consequently, in accordance with
its governing documents, the Trust terminated effective December 31, 2007 and is required to sell
its assets. The Trustee announced on October 22, 2008 that the Trustee had determined that, in
light of market conditions, it was in the best interests of the Unitholders to postpone the sale of
the Trusts assets. As previously announced, on November 11, 2009, the Trust sold its interests in
the south Louisiana properties described in the Trusts public filings as the Fee Lands. The
Trustee continues to review market conditions frequently, and intends to recommence the marketing
process for the rest of the Trusts assets 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 Trusts 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 Trusts Annual Report on Form 10-K for the year ended December 31, 2008, and all of its
other filings with the Securities and Exchange Commission. The Trusts annual, quarterly and other
filed reports are available over the Internet at the SECs web site at http://www.sec.gov.
Contact: | LL&E ROYALTY TRUST The Bank of New York Mellon Trust Company, N.A., as Trustee Mike Ulrich (800) 852-1422 www.businesswire.com/cnn/lrt.htm |