Citing Regs, RE Firm to Deregister Stock

Citing regulatory burdens, Kennedy Wilson Inc., Beverly Hills, Calif., has announced that it intends to deregister its common stock with the Securities and Exchange Commission.The real estate investment and services firm said it intends to file a Form 15 with the SEC on Nov. 1 to suspend its reporting obligations (including Form 10-K) under the Securities Exchange Act of 1934. Kennedy Wilson said its stock will no longer be listed on the NASDAQ National Market. The company said it expects its stock to be traded over the counter on the so-called Pink Sheets, but that it "can make no assurances" that any broker will make a market in its stock. William J. Morrow, the company's chairman and chief executive officer, said the board "has determined that the increasing financial cost and commitment of management's time to ever-increasing regulatory requirements have become an excessive burden that will only grow over time." Freeing up the resources "will allow us to better execute both tactical and strategic plans," he said.