Cellular Communications, Inc. announces the results of its mandatory redemption obligation.NEW YORK--(BUSINESS WIRE)--Oct. 30, 1995--Cellular Communications, Inc. (Nasdaq: COMMA) announced today that it has accepted for redemption 10,040,000 shares of its Redeemable Participating Convertible Preferred Stock Participating convertible preferred stock Preferred stock that can be converted into common stock at the option of the holder. In contrast, to the usual preferred stock, the value of the preferred stock is refunded to the holder. That is, one gets conversion plus the value of the stock. at $60.00 per share in accordance with the terms of its mandatory redemption obligation, which expired at 5:00 P.M., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, October 27, 1995. According to Continental Stock Transfer & Trust Company, the depositary for the Company, 25,764,939 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. were properly tendered prior to the expiration of the offer. The proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor is approximately 38.967%. As a result of the oversubscription Oversubscription The excess number of shares or bonds that investors want to buy but are not available due to high demand. by the holders of preferred shares, no shares of common stock will be redeemed pursuant to the offer. Payment for shares redeemed will be made promptly. All shares tendered and not redeemed by the Company will be returned to shareholders. In connection with the mandatory redemption obligation, AirTouch Communications, Inc. has acquired additional shares of the Company's common stock, increasing its beneficial ownership to approximately 31.68% of the fully diluted equity capitalization of 49,628,122 shares of the Company. CONTACT: Richard J. Lubasch Vice President-General Counsel (212) 906-8440 |
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