Consumers Financial Corporation Completes Tender Offer to Acquire All of Its 8 1/2 % Preferred Stock, Series A.Business Editors CAMP HILL, Pa.--(BUSINESS WIRE)--Aug. 23, 2002 Consumers Financial Corporation (the "Company") announced today that it has completed a tender offer to the holders of its 452,614 outstanding shares of 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. . Pursuant to the offer, the preferred shareholders were given the opportunity to exchange their shares for cash in the amount of $4.40 per share. Based on the count determined by StockTrans, Inc., the information agent for the offer, 377,288 shares of preferred stock, or 83.4% of the total shares outstanding, were properly tendered and not withdrawn. The 75,326 shares of preferred stock which were not tendered will remain outstanding with all of their current rights and preferences. Settlement for the tendered shares took place today. Accordingly, checks were issued today to all record holders who elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to tender their shares, and funds were also transferred to Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Trust Corporation for all beneficial holders who tendered their shares. In addition to receiving the $4.40 per share tender offer price, tendering shareholders also received a prorata dividend on their shares for the period from July July: see month. 1, 2002 through August 23, 2002. |
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