Western United Holding Company to Appeal AMEX Delisting
December 26 2003 - 8:12PM
PR Newswire (US)
Western United Holding Company to Appeal AMEX Delisting Company
Will Delay Filing of 10-K Report SPOKANE, Wash., Dec. 26
/PRNewswire-FirstCall/ -- Western United Holding Company , a
subsidiary of Metropolitan Mortgage & Securities Co., Inc.,
said today that it planned to appeal the decision of the American
Stock Exchange (AMEX) to delist the Company's preferred stock.
Trading in the preferred stock was halted by AMEX December 15,
2003, and the Company was notified on December 22, 2003, that AMEX
planned to begin the delisting process immediately. AMEX's decision
to delist was pursuant to Sections 1003 and 1009 of the AMEX
Company Guide. Specifically, AMEX conveyed to the Company its
belief that continued listing raised public interest concerns and
that the Company did not comply with the listing or other
agreements with AMEX. Western United said it planned to continue
paying dividends on the preferred stock despite the AMEX delisting
and the Company's appeal. At the same time, Western United Holding
said it will not file its Annual Report on Form10-K with the
Securities and Exchange Commission (SEC) until February 1, 2004 at
the earliest. The Company said its auditor Ernest & Young will
not be able to complete its audit review by the original December
29, 2003, deadline because, among other reasons, the Company is
believed to have incurred losses in excess of those disclosed in
its June 30, 2003, Form 10-Q report, and a review of those results
has yet to be completed. Finally, Western United Holding said that,
in order to provide additional autonomy for Western's insurance
operation, C. Paul Sandifur, Jr. has resigned as an officer and
director of Western United Holding Company and its wholly-owned
subsidiary Western United Life Assurance Company. John Van Engelen,
previously senior vice president of Western United Holding Company,
has been elected president, CEO and chairman of the insurance
holding company. Western United Holding Company, incorporated in
the State of Washington in 2002 and headquartered in Spokane, had
assets in excess of $1.7 billion at June 30, 2003. The
forward-looking statements in this release concerning future events
are subject to certain risks and uncertainties that could cause
actual results to differ materially from expectations. These and
other risks are set forth in Western United Holding Company's
reports filed with the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended. DATASOURCE: Western
United Holding Company CONTACT: Mary Keller, Market Development
& External Affairs for Western United Holding Company,
+1-509-835-2811, or +1-509-994-8368
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