As part of a plan to boost Christiana Cos.' capital base, shareholders will be offered the right to purchase one share of common stock for every share already held in the San Diego-based company. The 2.8-million share offering was authorized by Christiana's board of directors on Tuesday. It now must be approved by the federal Securities and Exchange Commission.
Christiana will use proceeds to fund further real estate development projects or to "acquire or invest in non-real estate operating companies," according to Christiana Chief Financial Officer James C. Rowe. Christiana has not yet determined the price of those shares, Rowe said.