NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
UNITED STATES |
OMB APPROVAL |
OMB Number: |
3235-0080 |
Expires: |
March 31, 2018 |
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SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM 25 |
NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Commission File Number |
001-13783 |
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(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)
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Address: |
1800 WEST LOOP SOUTH |
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SUITE 500 |
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HOUSTON |
TEXAS |
77002 |
Telephone number: |
| (713)860-1500 |
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(Address, including zip code, and telephone number, including area code, of Issuer's
principal executive offices)
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Common Stock |
(Description of class of securities)
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Please place an X in the box to designate the rule provision relied upon to strike
the class of securities from listing and registration:
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Pursuant to the requirements fo the Securities Exchange Act of 1934,
NEW YORK STOCK EXCHANGE INC
certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing the Form 25 and has caused this notification to be
signed on its behalf by the undersigned duly authorized person.
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2006-06-26 |
By |
Paras Madho |
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Director |
Date |
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Name |
Title |
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1 |
Form 25 and attached Notice will be considered compliance with the provisions of
17 CFR 240.19d-1 as applicable. See General Instructions.
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Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES
New York Stock Exchange LLC (the 'Exchange' or the 'NYSE') hereby notifies the SEC of its intention to remove the entire class of Common Stock (the 'Common Stock') of Integrated Electrical Services, Inc. (the 'Company') from listing and registration on the Exchange at the opening of business on July 6, 2006, pursuant to the provisions of Rule 12d2-2 (b), because, in the opinion of the Exchange, the Common Stock is no longer suitable for continued listing and trading on the Exchange. Information supplied by the Company or taken from other sources believed by the Exchange to be reliable indicates that on December 14, 2005, the Company announced that it has reached a non-binding agreement in principle with an ad hoc committee, whose members hold a majority of the Company's 9 3/8% senior subordinated notes due 2009, for a proposed consensual restructuring of the Company's capital structure that 'currently contemplates the filing of a pre-packaged Chapter 11 plan of reorganization'. As part of this non-binding a
greement, senior subordinated noteholders would receive in exchange for all of their notes shares representing approximately 82% of the common stock of the reorganized company. In addition, the Company is below the NYSE's continued listing standards regarding average closing price of a security of less than $1.00 over a consecutive 30 trading day period. The stock closed at $0.80 on December 14, 2005.
1. The Exchange's Listed Company Manual (the 'LCM'), Section 802.01C, states, in part, that the Exchange would normally give consideration to delisting a security of either a domestic or non-U.S. issuer when the average closing price of a security is less than $1.00 over a consecutive 30 trading-day period. Also, subsection 802.01D (Bankruptcy and/or Liquidation) of the LCM states that the Exchange would normally give consideration to suspending or removing from the list a security of a company when an 'intent to file under any of the sections of the bankruptcy law has been announced or a filing has been made or liquidation has been authorized and the company is committed to proceed.'
2. The Exchange, on December 15, 2005, determined that the Common Stock of the Company should be suspended immediately from trading, and directed the preparation and filing with the Commission of this application for the removal of the Common Stock from listing and registration on the Exchange. The Company was notified by letter on December 15, 2005.
3. Pursuant to the above authorization, a press release was immediately issued and an announcement was made on the 'ticker' of the Exchange immediately and at the close of the trading session on December 15, 2005, of the suspension of trading in the Common Stock. Similar information was included on the Exchange's website.
4. On December 30, 2005, the Exchange received a letter from the Company to request a hearing before the Board of Directors' Committee for Review concerning the Exchange's decision, in accordance with Exchange's Rule 499 and Section 804.00 of the Exchange's Listed Company Manual.
5. On April 11, 2006, the Committee for Review issued a decision that affirmed the determination of the Exchange's Staff to delist the Common Stock of the Company.
The Exchange also notifies the Securities and Exchange Commission that as a result of the above indicated conditions this security was suspended from trading on December 15, 2005.