DALLAS, Dec. 1, 2015 /PRNewswire/ -- Dominion
Resources Black Warrior Trust (NYSE: DOM) (the
"Trust") today announced that on November 24, 2015, the Trust was notified by the
New York Stock Exchange (the "NYSE") of its
noncompliance with continued listing standards because the average
closing price of its units of beneficial interest (the
"Units") over a period of 30 consecutive trading days
had fallen below $1.00 per share,
which is the minimum average closing price required to maintain
listing on the NYSE.
As required by the NYSE, the Trust plans to notify the NYSE of
any intent to cure the deficiency and restore its compliance with
the NYSE continued listing standards. As discussed in the
Trust's Quarterly Report on Form 10-Q for the period ended
September 30, 2015 filed with the
Securities and Exchange Commission on November 23, 2015, Walter Energy, Inc. has
initiated bankruptcy proceedings in the
United States Bankruptcy Court for the Northern District of
Alabama Southern Division (the "Bankruptcy Court").
As a result of these bankruptcy proceedings, Walter Energy, Inc.
did not pay royalty payments to the Trust that would have typically
been paid to the Trust in the third quarter and has not yet paid
royalty payments that would have typically been paid to the Trust
in the fourth quarter. If the Trust does not receive these royalty
payments, the Trust may not be able to cure the deficiency and
restore its compliance with the NYSE continued listing standards.
The NYSE has notified the Trust that if it is unable to notify the
NYSE of the Trust's intent to cure the deficiency and restore its
compliance with the NYSE continued listing standards, the NYSE will
initiate procedures to suspend and delist the Units.
The notice has no immediate impact on the listing of the Units,
which are currently listed and traded on the NYSE. The Units trade
under the symbol "DOM," but will have an added designation of ".BC"
to indicate the status of the Units as "below compliance."
If the Units ultimately were to be delisted, it could negatively
impact the Trust and its unitholders by reducing the liquidity and
market price of the Trust's Units.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dominion-resources-black-warrior-trust-receives-continued-listing-standard-notice-from-nyse-300186377.html
SOURCE Dominion Resources Black Warrior Trust