The New York Stock Exchange announced today that trading in the American Depositary Shares of Tele Norte Celular Participacoes S.A. – ticker symbol TCN – will be suspended as of today, August 20, 2008. Following suspension, application will be made to the U.S. Securities and Exchange Commission to delist the issue.
The NYSE said it normally considers suspending the securities of a company when the number of outstanding shares is less than 600,000.
As a result of the completion by Telemar Norte Leste S.A., a subsidiary of Tele Norte Leste Participacoes S.A. [NYSE:TNE], of the tender offer (that expired at 11 AM, New York time on August 18, 2008) in connection with its offer to purchase all of the outstanding preferred shares (including preferred shares represented by American Depositary Shares) of Tele Norte Celular Participacoes S.A., fewer than 600,000 American Depositary Shares remain publicly held.
The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. -- www.nyse.com
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