Finance History | 11 Wall Street — One Utility Share Became One Holding Share Called PCG
· 1997-1
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Finance History | 11 Wall Street — One Utility Share Became One Holding Share Called PCG
kevin
People treat PG and E as an Oakland utility holding company that always printed PCG after a finished New York book.
The January 1997 issuer was PG and E Corporation, the California parent formed so that Pacific Gas and Electric Company could sit as a regulated subsidiary.
A Form 10-Q filed later that year records the mechanics: effective 1 January 1997, outstanding common of Pacific Gas and Electric Company converted share-for-share into common of the new parent.
The utility's debt securities and preferred stock stayed at the operating company.
The San Francisco Chronicle of 29 January 1997 recorded the listing consequence: the tape letters moved under P, and the common continued on the New York Stock Exchange.
The present tape is still PCG on the New York Stock Exchange.
The mechanism is a holding-company conversion. A listed California utility book kept trading while the legal issuer on the tape became the parent.
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 PCG.
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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