Hammons Hotels proposes plan to meet NYSE rules

John Q. Hammons Hotels Inc. said it has responded to proposed changes in the criteria for listing on the New York Stock Exchange.

Hammons, as well as a number of other companies, was notified in August that changes in the criteria would place the Springfield-based company below requirements for stockholders' equity and market capitalization.

The new criteria would require a net worth and market capitalization of $50 million. In John Q. Hammons Hotels Inc.'s amended annual report filed with the Securities and Exchange Commission, the company had capitalization of $26.3 million in March.

Hammons has submitted a plan to the exchange to bring the company into compliance by March 2001. A release from the company said a decision from the exchange is expected in November.

If the plan is accepted, the company will be subject to quarterly compliance monitoring.

If the plan is not accepted by the exchange, or the company fails to raise its market capitalization to the required amounts, the company would be subject to delisting by the New York Stock Exchange.

The release said Hammons has also made contingency plans to allow for continued trading of its common stock on another exchange or market is necessary.