[Federal Register: June 30, 2005 (Volume 70, Number 125)]
[Notices]
[Page 37877]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30jn05-125]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 1-03793]
Issuer Delisting; Notice of Application of Canada Southern
Petroleum Ltd. To Withdraw Its Common Stock, No Par Value, From Listing
and Registration on the Pacific Exchange, Inc.
June 23, 2005.
On June 14, 2005, Canada Southern Petroleum Ltd., continued under
the Alberta Business Corporations Act (``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, no par value (``Security''), from listing and
registration on the Pacific Exchange, Inc. (``PCX'').
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\1\ 15 U.S.C. 78l(d).
\2\ 17 CFR 240.12d2-2(d).
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On March 14, 2005, the Board of Directors (``Board'') of the Issuer
approved preambles and resolutions to withdraw the Security from
listing and registration on PCX and the Boston Stock Exchange, Inc.
(``BSE''). In making the decision to withdraw the Security from PCX,
the Issuer stated that the following reasons factored into the Board's
decision: (1) The Security (formerly known as ``Limited Voting Shares''
when the Issuer was domiciled in Nova Scotia, Canada) was originally
listed for trading on the BSE and PCX to facilitate the secondary
market trading of the Security in the U.S. until the Security was
authorized for quotation on the Nasdaq SmallCap (``Nasdaq'')
marketplace in the 1990s; (2) the overwhelming majority of the U.S.
trading volume in the Security occurs on Nasdaq, with very little (if
any) trading volume occurring on BSE and PCX; (3) the Security will
continue to trade in the U.S. on Nasdaq and in Canada on the Toronto
Stock Exchange, so that the Issuer's U.S. and Canadian shareholders
will not suffer a material decrease in market liquidity because of the
planned withdrawal; and (4) the Issuer intends to enjoy cost savings of
at least $3,000 per year because it will no longer be required to pay
annual listing maintenance fees to PCX and BSE.
The Issuer stated in its application that it has complied with PCX
rules by complying with all applicable laws in effect in the province
of Alberta Canada, the jurisdiction in which the Issuer was continued
effective March 2, 2005, and by filing with PCX the required documents
governing the withdrawal of securities from listing and registration on
PCX.
The Issuer's application relates solely to withdrawal of the
Security from listing on PCX and from registration under Section 12(b)
of the Act,\3\ and shall not affect its obligation to be registered
under Section 12(g) of the Act.\4\
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\3\ 15 U.S.C. 78l(b).
\4\ 15 U.S.C. 78l(g).
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Any interested person may, on or before July 19, 2005, 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
Use the Commission's Internet comment form (http://www.sec.gov/rules/delist.shtml.
); or Send an e-mail to rule-comments@sec.gov. Please include
the File Number 1-03793 or;
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number 1-03793. 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 (http://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.\5\
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\5\ 17 CFR 200.30-3(a)(1).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3440 Filed 6-29-05; 8:45 am]
BILLING CODE 8010-01-P