LSB Industries, Inc. Announces Exchanges of Certain Preferred Stock.OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm -- LSB (Linux Standard Base) A standard interface (ABI) for Linux from the Linux Foundation (www.linux-foundation.org). Introduced in 2001 by the Free Standards Group, which later became the Linux Foundation, applications based on the LSB standard will run properly under Industries, Inc. ("the Company"), whose common stock is traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol LXU (AMEX AMEX See: American Stock Exchange : LXU), today announced that it has entered into Exchange Agreements with holders of 97,428 shares of LSB's $3.25 Convertible Exchangeable Class C 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. , Series 2 (the "Series 2 Preferred"). Pursuant to the terms of the Exchange Agreements, LSB will issue an aggregate of 720,967 shares of its common stock in exchange for an aggregate of 97,428 shares of Series 2 Preferred and the holders have agreed to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such their rights to all accrued and unpaid dividends Unpaid dividend A dividend declared by the directors of a corporation that has not yet been paid. unpaid dividend 1. A declared dividend that has not yet been paid. 2. See passed dividend. on the Series 2 Preferred being exchanged. Upon completion of these exchanges, 506,222 shares of Series 2 Preferred (excluding shares of Series 2 Preferred held by LSB in treasury) will remain issued and outstanding. The Exchange Agreements are subject to LSB listing the shares of common stock to be issued to the Series 2 Preferred holders on the American Stock Exchange pursuant to the Exchange Agreement. The holders of Series 2 Preferred that entered into the Exchange Agreements waived an aggregate of approximately $2.3 million in unpaid dividends on the shares of Series 2 Preferred to be exchanged. Upon completion of the Exchange Agreements, there will remain a total of approximately $11.8 million in unpaid dividends on the Series 2 Preferred remaining outstanding. The holders of the Series 2 Preferred that are parties to the Exchange Agreements separately solicited LSB in connection with the exchange, and each Exchange Agreement was negotiated with the holders. Neither LSB nor the holders of the Series 2 Preferred have paid or given, or agreed to pay or give, directly or indirectly, any commission or other remuneration for soliciting each exchange. Each of the exchanges has been, or will be, conducted under the exemption from registration provided by Sections 3(a)(9) of the Securities Act of 1933, as amended (the "Act"). The Series 2 Preferred was registered with the Securities and Exchange Commission and, as such, LSB believes that the shares of common stock issued under the Exchange Agreements will be freely tradable by their recipients and will not be considered restricted securities or contain a restrictive legend. This release is not an offer or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to sell or exchange any security. LSB is a manufacturing, marketing, and engineering company with activities on a world wide basis. LSB's principal business activities consist of the manufacture and sale of commercial and residential climate control products, the manufacture and sale of chemical products for the mining, agricultural and industrial markets, the provision of specialized engineering services, and other activities. |
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