PINKERTON'S APPLIES FOR NYSE LISTING.Byline: Gregory J. Wilcox Daily News Staff Writer Pinkerton's Inc., the Encino-based security company with worldwide operations, may move to the ``Big Board.'' The company has applied to have its stock listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and expects to start trading there under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors PKT by June 26. Pinkerton's now trades on the Nasdaq market under the symbol PKTN. ``We are pleased to list our company on the best known and most visible stock exchange in the world,'' Denis Denis, king of Portugal: see Diniz. R. Brown, Pinkerton's president and chief executive officer, said in a statement. ``We anticipate that Pinkerton's stockholders will benefit from greater liquidity and lower transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). .'' There is reason for Brown's optimism, even though the application is pending. Before a company can apply for a listing, NYSE NYSE See: New York Stock Exchange officials conduct a confidential review of its qualifications. The fact that Pinkerton's has announced its intentions is pretty good news, said exchange spokesman Ray Pellecchia. ``Barring any unforeseen circumstances you could expect their stock to be listed here,'' he said. A listing on the exchange is sought for a variety of reasons. ``It could range from the best access to shareholders, the maximum visibility to the most liquid market for the stock,'' Pellecchia said. Pinkerton's did not want to say much about the move. ``We don't want to do too much embellishing,'' said James P. McCloskey, the company's chief financial officer. A listing on the exchange also demonstrates a company's financial strength. To qualify, the stock held by shareholders must be worth at least $9 million, 1.1 million shares must be publicly held and the company must have a profitable track record. McCloskey said that Pinkerton's meets all of the NYSE 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. . For its most recent fiscal year Pinkerton's earned $10.5 million, or $1.26 per share, compared with a loss of $10.2 million, $1.24 a share, in the 1994 period. But the 1994 results included a one-time charge against earnings of $11.5 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc foreign operations. Pinkerton's is one of the world's largest security firms and provides a broad array of security services and technologies. |
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