Printer Friendly

PRUDENTIAL INSURANCE COMPANY TO CONVERT PREFERRED SHARES INTO GLOBAL NATURAL RESOURCES COMMON STOCK

 HOUSTON, March 30 /PRNewswire/ -- Global Natural Resources Inc. (NYSE: GNR) (the company) announced today that the Prudential Insurance Company of America (Prudential) has converted all of the outstanding shares of Series A preferred stock of the company, which were acquired when Prudential converted its $50 million subordinated convertible note, into approximately 6.3 million shares of common stock of the company. The shares of preferred stock are non-voting, have no fixed right to dividends and are not redeemable. Following the conversion, Prudential will own approximately 21 percent of the company's outstanding common stock and be its largest stockholder.
 Robert F. Vagt, president and chief executive officer, said, "We are extremely pleased by the continuing interest in and support for the company demonstrated by Prudential."
 Global Natural Resources is engaged in worldwide oil and gas exploration and production and in natural gas gathering, processing and marketing. The company has operations and interests in North America, Tatarstan - Russia, Indonesia and Malaysia.
 -0- 3/30/93
 /CONTACT: Eric Lynn Hill of Global Natural Resources, Inc., 713-880-5464/
 (GNR)


CO: Global Natural Resources Inc. ST: Texas IN: OIL SU:

LD -- NY095 -- 1256 03/30/93 17:52 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1993
Words:193
Previous Article:CALIFORNIA LINE SALE CLOSING
Next Article:NEW YORK STOCK EXCHANGE CLOSING, TUESDAY, MARCH 30 /PRN/
Topics:


Related Articles
GLOBAL NATURAL RESOURCES AND PRUDENTIAL INSURANCE COMPANY REACH AGREEMENT
ORION CAPITAL CORPORATION ANNOUNCES RESULTS OF $1.90 PREFERRED STOCK REDEMPTION
ORION CAPITAL CORPORATION ANNOUNCES RESULTS OF $2.125 PREFERRED STOCK REDEMPTION
DELPHI INFORMATION SYSTEMS COMPLETES ACQUISITION OF INSURNET INC.
DELPHI INFORMATION SYSTEMS COMPLETES ACQUISITION OF INSURNET INC.
GMAC Completes Acquisition of Integon Corporation
Home Properties Issues Investment Grade Convertible Preferred Equity.
Boots & Coots Completes Financial Restructuring Agreement.
Home Properties Issues Series E Convertible Preferred Equity.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters