Midwest Air Group Shifts Trading; It's Moving to Amex After Talk of Delisting
Posted on: Thursday, 22 September 2005, 15:00 CDT
Midwest Air Group Inc., the corporate parent of Midwest Airlines Inc., is to 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 minium 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 before the last few years, its relatively strong balance sheet compared with peers in 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 may face delisting if its shareholder equity or market capitalization falls below $75 million.
Midwest Air Group said last week that it had submitted a plan detailing its strategy to meet those criteria, and it said the company 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.
Copyright 2005, Journal Sentinel Inc. All rights reserved. (Note: This notice does not apply to those news items already copyrighted and received through wire services or other media.)
Source: Milwaukee Journal Sentinel
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