[Federal Register Volume 70, Number 89 (Tuesday, May 10, 2005)]
[Notices]
[Page 24668]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2266]


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SECURITIES AND EXCHANGE COMMISSION


Self-Regulatory Organizations; Notice of Application of Equitable 
Resources, Inc. To Withdraw Its Common Stock, No Par Value, From 
Listing and Registration on the Philadelphia Stock Exchange, Inc. File 
No. 1-03551

May 4, 2005.
    On April 4, 2005, Equitable Resources, Inc., a Pennsylvania 
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, no par value 
(``Security''), from listing and registration on the Philadelphia Stock 
Exchange, Inc. (``Phlx'' 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 
resolutions on December 1, 2004 to withdraw the Security from listing 
on the Exchange. The Board stated that it is in the best interest of 
the Issuer to withdraw the Security from listing on Phlx for the 
following reasons: (i) The New York Stock Exchange, Inc. (``NYSE'') has 
effected 91% of the Issuer's total average trading volume since January 
1, 2003 and is the Issuer's primary exchange; (ii) Phlx, which is 
primarily an options trading exchange, effects an insignificant number 
and amount of trades in the Security each day; (iii) Phlx does not list 
Issuer options and the Issuer is not included in Phlx's utility index; 
(iv) since the Sarbanes-Oxley Act of 2002, each exchange has adopted 
new, more stringent corporate governance rules, and NYSE recently 
adopted amendments to its 2003 corporate governance rules; (v) while 
Phlx patterned its corporate governance rules after NYSE, certain 
differences existed and with the NYSE amendment, additional differences 
now exist; (vi) the Issuer is committed to strong governance practices, 
but compliance with multiple standards has become time consuming and 
costly; and (vii) after due consideration, the Issuer has not 
identified any economic, investor relations, or legal benefit to being 
listed on Phlx.
    The Issuer stated in its application that it has met the 
requirements of Phlx Rule 809 governing an issuer's voluntary 
withdrawal of a security from listing and registration by submitting 
the necessary documents to withdraw the Security from listing on Phlx. 
The Issuer's application relates solely to the withdrawal of the 
Security from listing on Phlx 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 May 31, 2005, comment on 
the facts bearing upon whether the application has been made in 
accordance with the rules of Phlx, 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

     Use the Commission's Internet comment form (http://www.sec.gov/rules/delist.shtml); or
     Send an e-mail to [email protected]. Please include 
the File Number 1-03551 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 1-03551. 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. 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.
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    \5\ 17 CFR 200.30-3(a)(1).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
Jonathan G. Katz,
Secretary.
[FR Doc. E5-2266 Filed 5-9-05; 8:45 am]
BILLING CODE 8010-01-P