NYSE to continue listing Paragon common shares.The American Sotck Exchange will continue to list Paragon Real Estate Equity and Investment Trust's common shares for the immediate future, the Trust confirmed this week. In a letter to the Trust on February 22, the Exchange stated that it is continuing the listing of Paragon's common shares pursuant to an extension. The Exchange determined that the company's plan, which was submitted to the Exchange on December 28, 2004, makes a reasonable demonstration for the company to regain compliance with the exchange's continued listing standards by December 2, 2005, the end of the plan period. If the company is not in compliance with the listing standards at the end of the plan period, or does not make progress consistent with the plan, Paragon's common shares would be subject to delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. proceedings. Paragon's common shares will continue to be listed on the Exchange during the plan period. As previously reported, the company received a letter on December 1, 2004 from the Exchange, which noted that the company was not in compliance with the Exchange's continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. due to shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of less than $2.0 million and losses from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and net losses in its three most recent years, and also due to shareholders' equity of less than $4.0 million and losses from continuing operations and net losses in its four most recent years. James C. Mastandrea, chairman, president and chief executive officer of Paragon, stated, "We appreciate the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. reviewing our plan and continuing the listing of our common shares." He also noted, "We continue to work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d at reviewing value-added real estate opportunities, including properties and portfolios, in which to invest for the future growth of our company and for the benefit of our shareholders." |
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