Finance History | 11 Wall Street — AZP Stopped and a Phoenix Holding Book Printed PNW
· 1987-4
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Finance History | 11 Wall Street — AZP Stopped and a Phoenix Holding Book Printed PNW
kevin
People treat Pinnacle West as a Phoenix utility holding company that always printed PNW after a finished New York book.
The 1985 issuer was AZP Group Inc., the Arizona parent formed so that Arizona Public Service Company could sit as a regulated subsidiary.
An APS note to the 1987 financial statements, later filed with the Nuclear Regulatory Commission, records two dated steps.
Effective 29 April 1985, APS common became wholly owned by AZP Group and left the public tape.
On 24 April 1987 the parent changed its name to Pinnacle West Capital Corporation.
The letters on the New York tape changed from AZP to PNW with that rename.
The present tape is still PNW on the New York Stock Exchange.
The mechanism is a holding-company rename. A listed Arizona utility book kept trading while the parent on the tape took a new legal name.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that has printed PNW since that rename.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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