Midwest Airlines Parent Switches to American Stock Exchange
Posted on: Wednesday, 21 September 2005, 21:00 CDT
Sep. 22--Midwest Air Group Inc., the corporate parent of Midwest Airlines Inc., will begin trading Friday on the American Stock Exchange after the New York Stock Exchange threatened to delist the company's shares.
Midwest Air Group will retain its MEH ticker symbol, the Oak Creek company said. Its stock closed Wednesday at $2.29, down 5 cents, before the announcement.
Midwest Air Group doesn't meet the American Stock Exchange's regular listing requirement of an initial $3 minimum stock price. But an exchange panel determined that the company meets alternative listing standards because its stock has traded above $2 a share for the past 10 years, except for brief periods in 2003 and 2005.
The panel cited other factors in allowing Midwest Air Group to be listed. Those include the company's profitable history prior to the last few years; its relatively strong balance sheet for the airline industry, and the company's ability to exceed certain initial listing standards, including shareholder equity, market value and distribution.
Midwest Air Group in July received notice from the New York Stock Exchange about a possible delisting.
Under that exchange's new criteria, a company can face delisting if either its shareholder equity or market capitalization fall below $75 million. Midwest Air Group said last week it had submitted a plan detailing its strategy to meet those criteria, and also said it was considering alternatives to the New York Stock Exchange.
Midwest Air Group, which also operates regional carrier Skyway Airlines Inc., had a loss of $24.1 million for the first half of 2005, compared with $10.3 million a year earlier. The company is drawing more passengers and generating more revenue, but higher fuel prices have reduced earnings.
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MEH,
Source: The Milwaukee Journal Sentinel
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