SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 1996
TEL OFFSHORE TRUST
(Exact name of registrant as specified in charter)
Texas 0-6910 76-6004064
(State of other jurisdic- (Commission (IRS employer
tion of incorporation) file number) identification no.)
Texas Commerce Bank National Association
Corporate Trust Division
712 Main Street
Houston, Texas 77002
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (713) 216-5712
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
The information set forth in the press release of the registrant dated
October 22, 1996, which is filed as an exhibit hereto, is incorporated by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99.1 Press Release dated October 22, 1996
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TEL OFFSHORE TRUST
By: Texas Commerce Bank National
Association,
Corporate Trustee
By: /s/ Pete Foster
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Pete Foster
Senior Vice President and
Trust Officer
October 28, 1996
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated October 22, 1996
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Individual Trustees
George Allman, Jr.
Richard Melton
W. Leslie Duffy
TEL OFFSHORE TRUST
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TEXAS COMMERCE BANK, CORPORATE TRUSTEE
P.O. Box 2558 / (713) 216-5712 / Houston, Texas 77252
FOR IMMEDIATE RELEASE
HOUSTON, TEXAS, October 22, 1996 -- TEL OFFSHORE TRUST (NASDAQ SYMBOL TELOZ)
announced today that the Trust has been advised by the Nasdaq Stock Market, Inc.
that the units of beneficial interest in the Trust (the "Units") have been
delisted from the Nasdaq SmallCap Market effective October 22, 1996.
As previously announced, the Trust had been advised by Nasdaq that the Trust was
not in compliance with the total asset requirement for continued Nasdaq SmallCap
Market listing and that the Units were scheduled to be delisted. The Trust
subsequently requested a hearing before Nasdaq to attempt to obtain a waiver of
the total asset requirement for the Trust. The hearing was held on October 10,
1996. The Trust has now been advised by Nasdaq that no waiver of the total asset
requirement will be granted.
Nasdaq Marketplace rules require a minimum of $2,000,000 in total assets for
continued listing on the Nasdaq SmallCap Market. The Trust's unaudited financial
statements included in its quarterly report on Form 10-Q for the quarter ended
June 30, 1996 reflected less than $2,000,000 in total assets of the Trust. The
Trust has advised Nasdaq that adjustments for certain accruals to reflect a
generally accepted accounting principles basis of accounting, reflects greater
than $2,000,000 in total Trust assets as of June 30, 1996. However, the Nasdaq
hearing panel determined that the Trust would be unable to sustain long term
compliance with Nasdaq continued listing standards, and it has therefore decided
to delete the Trust from The Nasdaq Stock Market.
The Trust has been advised by Nasdaq that the Trust Units may now be eligible
for trading on the OTC Bulletin Board. Absent trading on the OTC Bulletin Board,
the Trust Units may be traded on pink sheets. Persons desiring to effect
purchases or sales of Trust Units may continue to contact their brokers for such
purposes.
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AS CORPORATE TRUSTEE
CONTACT: Debbie Miller
