PGS has been under the NYSE microscope since its ADR's fell under the US$1.00 mark, a crucial benchmark for remaining a listed company.
The company said the NYSE decision was reached because the stock (PGO) remains below the NYSE's minimum security price criterion as PGO's average ADR price has been less than $1.00 over a consecutive 30 day trading period. It has recently been trading at abnormally low levels, closing at $0.31 on February 25.
PGS also failed the market capitalisation threshold with its average market capitalisation over a consecutive 30 day trading period being less than US$50,000,000 and its total stockholders' equity is less than US$50,000,000.
In August 2001, PGS was trading at US$11.00.
