Conseco to redeem outstanding Series D Cumulative Convertible Preferred Stock.CARMEL, Ind.--(BUSINESS WIRE)--Aug. 27, 1996--Conseco, Inc. (NYSE NYSE See: New York Stock Exchange :CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) today called for redemption all 5.3 million outstanding shares of its Series D Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The Series D Stock will be redeemed on September 26, 1996, at $52.916 per share in cash, including $0.641 per share of accrued and accumulated unpaid dividends. Dividends on the Series D Stock will cease to accrue on September 26, 1996. Each Series D share can be converted into 1.5686 shares of Conseco common stock (no par value) until 5:00 p.m. (Eastern Daylight Savings Time) on September 20, 1996. No adjustments for accrued but unpaid dividends will be paid upon conversion to common stock, and no fractional shares of common stock will be delivered. Conseco will pay the cash equivalent of any such fractional interests. All shares of Series D Stock not previously converted will be redeemed on the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. . Conversion of Series D shares will result in cash flow savings and improve the company's capital position. The 8.3 million common shares issuable upon conversion of the Series D shares are already included in Conseco's "weighted average shares outstanding" for purposes of computing fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . First Union National Bank of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. will act as agent for both the redemption and the conversion. Official notice of redemption, together with instructions for either redeeming or converting shares, will be mailed today to all holders. For further information, contact First Union at (800) 829-8432. Conseco, a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organization headquartered in Carmel, Ind., owns and operates life insurance companies and provides investment management, administrative and other fee-based services. NOTE: There should be an "at" sign between "ir" and "conseco.com" in the E-mail address listed below. This symbol may not print properly on some computer systems. CONTACT: Conseco, Inc., Carmel Jim Rosensteele, 317/817-2893 E-mail: ir@conseco.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion