Sensormatic Announces Dividend on Convertible Preferred Stock.
BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Dec. 17, 1998--Sensormatic Electronics Corporation (NYSE NYSE
See: New York Stock Exchange :SRM (1) (Storage Resource Management) The management of the storage resources in an organization in order to avoid duplication of files and to determine space utilization across all servers. ) announced today the declaration of the quarterly dividend on its Depositary DEPOSITARY, contracts. He with whom a deposit is confided or made.
2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. Shares, each representing a one-tenth interest in a share of 6 1/2% 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 dividend will be payable on January 4, 1999 to holders of record of the Depositary Shares as of December 22, 1998. In accordance with the formula established under the terms of the Convertible Preferred Stock, the dividend payment will be made in Sensormatic Common Stock, at a rate of 0.057959 shares of Common Stock for each outstanding Depositary Share, based on a cash dividend equivalent amount of $0.40625 per Depositary Share. In payment of this dividend, Sensormatic will issue approximately 399,920 shares of Common Stock in the aggregate.
The shares of Sensormatic's Common Stock issued as dividends on the Depositary Shares are not currently registered under the Securities Act of 1933, as amended. Sensormatic has filed a Shelf Registration Statement with the Securities and Exchange Commission (SEC) to cover resales of the Depositary Shares, the 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. and the Common Stock issuable upon conversion and in payment of Preferred Stock dividends. The Company's Registration Statement is currently in the review process with the SEC.
In accordance with the terms of the Preferred Stock Offering, effective August 12, 1998 (120 days after consummation of the Offering) and through the effective date of the Shelf Registration Statement, a premium payment of 0.25% per annum Per annum
Yearly. of the liquidation preference of the Preferred Stock will be included with the dividend payment. The January 4, 1999 premium payment will be made in Sensormatic Common Stock, at the rate of 0.002118 shares of Common Stock for each outstanding Depositary Share, based on a cash equivalent amount of $0.01563 per Depositary Share. In payment of this premium, Sensormatic will issue approximately 14,612 additional unregistered shares of Common Stock in the aggregate.
Sensormatic Electronics Corporation is a leading supplier of electronic security systems to the retail, commercial and industrial marketplaces. Sensormatic is also a leader in integrated source tagging -- a process where consumer goods consumer goods
Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and manufacturers insert anti-theft tags at the point of manufacturing or packaging. For more information on Sensormatic, visit its homepage on the World Wide Web at http://www.sensormatic.com.