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MESABI TRUST FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

January 29, 2014

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On January 27, 2014 , Mesabi Trust (the "Trust") received a public reprimand letter (the "Letter") from the NYSE Regulation (the "NYSE") notifying the Trust that it failed to comply with NYSE Listed Company Manual Sections 204.21 and 401.02 to provide timely notification to the NYSE of the record date for the Trust's quarterly distribution scheduled to be paid on February 20, 2014 . Receipt of a public reprimand letter of this nature is a required disclosure under Item 3.01 of Form 8-K. The Letter explicitly set forth the following mitigating factors the NYSE considered in issuing a public reprimand letter rather than initiating the delisting of the Trust's securities: that this was the first time the Trust had failed to satisfy the notice requirements of Sections 204.21 and 401.02 of the NYSE Listed Company Manual and the Trust's notification to the NYSE was only one day late; that the record date for the Trust's quarterly distribution is set forth in the Trust's charter documents and the Trust would have been in violation of such documents if it changed the record date; that the NYSE had no reason to believe that the Trust's failure to comply with the NYSE Listed Company Manual was intentional; and that the Trust had not fallen below the financial and other continued listing standards provided in Chapter 8 of the NYSE Listed Company Manual or failed to comply with the audit committee standards set out in Section 303A.06. The Trust views this failure to notify the NYSE as an unintentional and isolated incident. It has made, and will continue to make, every effort to comply with all NYSE rules applicable to it. The Company also notes that it (1) released its press release to numerous news agencies, announcing such quarterly distribution and such record date on January 17, 2014 , which was more than ten days before the record date, and (2) also timely filed such press release on Form 8-K, on January 17, 2014 , with the Securities and Exchange Commission . Accordingly the Trust believes that such notice was, in fact, generally communicated to investors and the trading markets more than ten days before the record date. 2 --------------------------------------------------------------------------------


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Source: Edgar Glimpses


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