MAXCO, INC. FILES REGISTRATION STATEMENT
MAXCO, INC. FILES REGISTRATION STATEMENT LANSING, Mich., Nov. 5 /PRNewswire/ -- Maxco, Inc. (NASDAQ: MAXC)
announced it has filed today a registration statement with the Securities and Exchange Commission (SEC) to register 50,000 shares of Series Three Preferred Stock carrying a 10 percent cumulative dividend, with certain call provisions. This stock will be offered to common shareholders of record as of Nov. 4, 1991, in exchange for up to 1 million shares of Maxco common. There are currently 4.5 million shares of Maxco common stock outstanding.
Based on the face value per Preferred Share of $60 and the exchange ratio of 20 to 1, the effective exchange rate per common share is $3. Series Three Preferred Stock will be voting stock on a par with common stock and will have 20 votes per share. This exchange is being proposed because the company believes the investment objectives of some of its shareholders may now be focused more on current income than long term appreciation. No offer is being made at this time. Upon being declared effective by the SEC, this offer will be made available to shareholders of record as of Nov. 4, 1991, by means of a prospectus to be delivered to such shareholders. Maxco distribution businesses include FinishMaster, Inc., and the construction supply group (Ersco and Wisconsin Wire & Steel) which markets commercial and highway construction materials throughout Michigan, Wisconsin and Indiana. Wright Plastics, Pak-Sak Industries, and Akemi Plastics are other Maxco businesses. -0- 11/5/91 /CONTACT: Vince Shunsky, vice president, Maxco, Inc., 517-321-3130; or Dixie Watterson, 708-564-5610, Bruce Marcus, 212-580-0703, Largent Parks, 214-387-4520, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company for Maxco, Inc./ (MAXC) CO: Maxco, Inc. ST: Michigan IN: CST SU: OFR JG -- DE011 -- 1208 11/05/91 11:26 EST
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|Date:||Nov 5, 1991|
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