American General Announces the Conversion of 6% Convertible Preferred Securities.Business Editors HOUSTON--(BUSINESS WIRE)--July 5, 2000 American General (NYSE NYSE See: New York Stock Exchange :AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ), on behalf of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. American General Delaware, L.L.C., today announced that approximately 99.8% of the 5.0 million shares of its 6% Convertible Monthly Income Preferred Securities ("Convertible MIPS (Million Instructions Per Second) The execution speed of a computer. For example, .5 MIPS is 500,000 instructions per second; 100 MIPS is a hundred million instructions per second. ") were converted into 6.1 million shares of American General common stock as of the previously announced June 30, 2000 conversion expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. . Since fewer than 500,000 shares of the Convertible MIPS remain outstanding, American General Delaware will exercise its right to redeem these securities at $50 per share plus accumulated dividends. This redemption will occur on Aug. 31, 2000. American General is one of the nation's largest diversified financial services organizations with assets of $122 billion and shareholders' equity of $6.6 billion. Headquartered in Houston, it is a leading provider of retirement services, investments, life insurance, and consumer loans to 12 million customers. American General common stock is listed on the New York, Pacific, London, and Swiss stock exchanges. |
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