Excel Legacy Announces Conversion of Series B Preferred into Common Stock.Business Editors SAN DIEGO--(BUSINESS WIRE)--Nov. 10, 2000 Excel Legacy Corp. (AMEX AMEX See: American Stock Exchange :XLG XLG Extra Large XLG Export Lead Growth ) announced today it is in the process of converting all outstanding shares of its Series B Liquidating Preference 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". into shares of Common Stock of the company. All shares of the Series B Preferred will convert on Dec. 4, 2000 into Common Stock according to the formula of one share of Common Stock for each outstanding share of Series B Preferred. There are 21,281,000 shares of Series B Preferred outstanding. The company's financial reports have been including these shares in the 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 calculations. Excel Legacy Corp. is a real estate company which acquires, sells, develops, manages, invests, finances and operates real property and related businesses. The company performs within three business units: Commercial Property Unit, which manages company held properties and contains Price Enterprises Inc., a REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ; Business Investment Unit through which the company invests in public and private operating real estate-related companies; and Development Unit where the company develops signature projects that have unique locations, original concepts and significant competitive entry barriers. |
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