NYSE Suspends Enesco Trading
By Staff -- Gifts & Decorative Accessories, 6/9/2006 8:44:00 AM
New York — When the closing bell is struck late this afternoon at the New York Stock Exchange (NYSE), it will literally signal the end of trading for shares of Enesco Group (ENC). The Itasca, IL-based gift, home and garden decor vendor is being delisted at close of trading today.
In September 2005, the NYSE notified Enesco that the company was not in compliance with continued listing standards for minimum market capitalization and total shareholders' equity.
In December 2005, the NYSE accepted the company's plan for continued listing, subject to quarterly reviews by the NYSE’s Listings and Compliance Committee.
The NYSE’s recent decision to suspend trading of Enesco shares was based on a determination that Enesco had not made sufficient progress toward meeting certain material aspects of the plan.
Going forward, Enesco expects that its common stock will be traded on the OTC Bulletin Board, a quotation service for over-the-counter equity securities that are not listed or traded on a national securities exchange.
The delisting news comes on the heels of months of turmoil at the company's executive level. The dust seemed to have settled earlier this week with the appointment of a new CEO, Basil Elliot -- who also holds the title of president -- and a new CFO, Marie Meisenbach Graul.
