[Federal Register Volume 69, Number 107 (Thursday, June 3, 2004)]
[Notices]
[Pages 31435-31436]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-12548]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application of Espirito Santo 
Overseas Limited and Banco Espirito Santo, S.A., To Withdraw Its Non-
Cumulative Guaranteed Preference Shares, Series B, $25 par value, From 
Listing and Registration on the New York Stock Exchange, Inc.; File No. 
1-12524

May 27, 2004.
    On May 21, 2004, Espirito Santo Overseas Limited, SA., a Cayman 
Islands corporation (``Issuer''), and Banco Espirito Santo, S.A., a 
Portugal corporation (``Guarantor''), filed an application with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 12(d) of the Securities Exchange Act of 1934 (``Act'') \1\ and 
Rule 12d2-2(d) thereunder,\2\ to withdraw its Non-Cumulative Guaranteed 
Preference Shares, Series B, $25 par value, (``Security''), from 
listing and registration on the New York Stock Exchange, Inc. (``NYSE'' 
or ``Exchange'').
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Board of Directors (``Board'') of the Issuer adopted a 
resolution on April 29, 2004 to withdraw the Issuer's Security from 
listing on the NYSE. The Board states that the following reasons 
factored into its decision to withdraw the Security: (i) The limited 
trading volume of the Security (the Issuer and the Guarantor have 
determined, based on conversations with the NYSE and information 
derived from third-party databases, that the average daily trading 
volume of the Security on the NYSE in the six months immediately 
preceding April 29, 2004 was less than 2,000 shares); (ii) the limited 
number of holders of record of the Security (the Issuer and the 
Guarantor have been informed by The Bank of New York, which acts as 
registrar, transfer agent and paying agent for the Security, that the 
worldwide number of holders of record of the Security as of December 
31, 2003 was 69); and (iii) the costs associated with continued listing 
of the Security on the NYSE, including costs associated with compliance 
with the applicable reporting and other requirements of the Commission.
    The Issuer stated in its application that it has complied with the 
NYSE's rules governing an issuer's voluntary withdrawal of a security 
from listing and registration. The Issuer's application relates solely 
to the Security's withdrawal from listing on the NYSE, and from 
registration under Section 12(b) of the Act,\3\ and shall not affect 
its obligation to be registered under Section 12(g) of the Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    Any interested person may, on or before June 21, 2004, comment on 
the facts bearing upon whether the application has been made in 
accordance with the rules of the NYSE and what terms, if any, should be 
imposed by the Commission for the protection of investors. All comment 
letters may be submitted by either of the following methods:

Electronic Comments

     Send an e-mail to [email protected]. Please include 
the File Number 1-12524 or;

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, 
Washington, DC 20549-0609. All submissions should refer to File Number 
1-12524. This file number should be included on the subject line if e-
mail is used. To help us process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/delist.shtml). Comments are also available for public inspection 
and copying in the Commission's Public Reference Room, 450 Fifth 
Street, NW, Washington, DC 20549. All comments

[[Page 31436]]

received will be posted without change; we do not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly.
    The Commission, based on the information submitted to it, will 
issue an order granting the application after the date mentioned above, 
unless the Commission determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. 04-12548 Filed 6-2-04; 8:45 am]
BILLING CODE 8010-01-P