[Federal Register Volume 69, Number 124 (Tuesday, June 29, 2004)]
[Notices]
[Page 38923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-14674]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application of Cleco Corporation To 
Withdraw its Common Stock, $1.00 Par Value, and Associated Rights To 
Purchase Preferred Stock From Listing and Registration on the Pacific 
Exchange, Inc. File No. 1-05663

June 23, 2004.
    On June 17, 2004, Cleco Corporation, a Louisiana corporation 
(``Issuer''), 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 common stock, $1.00 par value, and 
associated rights to purchase preferred stock (``Securities''), from 
listing and registration on the Pacific Exchange, Inc. (``PCX'' 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 of the Issuer adopted resolutions on April 
23, 2004, to withdraw the Issuer's Securities from listing on the PCX. 
The Issuer states that the following reasons factored into its decision 
to withdraw its Securities from the PCX: (i) The Issuer has maintained 
a dual listing of its Securities on the New York Stock Exchange, Inc. 
(``NYSE'') and the PCX since 1988; (ii) at the time of the 1988 PCX 
listing, a regional exchange listing was thought to provide added 
liquidity to a NYSE-traded stock since some investors traded only on 
regional exchanges. Since that time, the advances in electronic trading 
platforms have essentially created a single domestic trading platform 
and eliminated the benefit of dual listings on regional exchanges; 
(iii) the PCX listing adds additional fees and results in dual 
reporting requirements and; (iv) the Issuer believes that since the 
listing on the PCX no longer provides additional value, delisting the 
Securities will lower fees and reduce reporting activities. In 
addition, the Issuer states that the Securities will continue to trade 
on the NYSE.
    The Issuer stated in its application that it has complied with 
PCX's Rule 5.4(b) by complying with all applicable laws in effect in 
the State of Louisiana and by providing PCX with the required documents 
governing the removal of securities from listing and registration on 
the Exchange. The Issuer's application relates solely to the withdrawal 
of the Securities from listing on the PCX and shall not affect its 
continued listing on the NYSE or its obligation to be registered under 
section 12(b) of the Act.\3\
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    \3\ 15 U.S.C. 781(b).
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    Any interested person may, on or before July 19, 2004, comment on 
the facts bearing upon whether the application has been made in 
accordance with the rules of the PCX, 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 1-05663 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 1-05663. 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 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.\4\
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    \4\ 17 CFR 200.30-3(a)(1).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-14674 Filed 6-28-04; 8:45 am]
BILLING CODE 8010-01-P