Banner Aerospace Declares Semi-Annual In-Kind Preferred Stock Dividend.DULLES, Va.--(BUSINESS WIRE)--Sept. 22, 1998--Banner Aerospace, Inc. (NYSE NYSE See: New York Stock Exchange : BAR) announced a semi-annual Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividend at the annual rate of 7.5 percent of the liquidation value Liquidation value Net amount that could be realized by selling the assets of a firm after paying the debt. of $9.20 per share, or $0.345 per share, to shareholders of record as of October 15, 1998 and payable October 31, 1998. The dividends will be payable solely in additional shares of Preferred Stock and not in cash, except for fractional share Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. interests. The initial shares of Series A Convertible Paid-in-Kind Preferred Stock, par value $0.01 per share, were issued in June 1997. Banner Aerospace is a diversified family of companies providing the aviation community with reliable, single source solutions through a global distribution network delivering rotables and engines to the commercial, regional and corporate aftermarkets of the aviation industry. |
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