June 16, 1998
Public Storage Inc. will call for redemption of all of its outstanding shares of 8.25% convertible preferred stock on July 1. Dividends on the stock will stop accruing on June 30. Glendale-based Public Storage, the nation's largest self-storage firm, will redeem all outstanding shares at the price of 1.6835 shares of common stock for each share of 8.25% convertible preferred stock. Cash will be paid in lieu of fractional shares of common stock.
April 21, 1998 |
"Poison preferred" and "death-spiral convertible" sound more like the latest blockbuster movie titles than nicknames for financing tools used by small companies. But these financings, a type of derivative with a value pegged to--and potentially ruinous for--a company's common stock, are being blamed for the share price woes of an increasing number of businesses, including Southern California-based Koo Koo Roo Inc. and Techniclone Corp.
February 11, 1997 |
As stocks drive toward unexplored territory along the road toward Dow 7,000, it might be time to take the top down and try a preferred convertible. That's not a car for hotshot securities analysts but a kind of stock that can provide your portfolio with a lot of the zoom of a raging bull market but protect it from crashing in a correction. Convertible preferred stocks are hybrid securities invented to give companies and investors a middle ground between bonds and stocks.
October 14, 1994 |
Ford Boosts Dividend: The auto maker raised its dividend to 26 cents a share on Class B and common stock. The dividends are payable Dec. 1 to stockholders of record on Nov. 1. The dividend reflects a 2-for-1 stock split. A dividend of $1.05 a share on depositary shares representing Ford Motor Co.'s Series A cumulative convertible preferred stock, and a dividend of 51.5625 cents a share on depositary shares representing the company's Series B cumulative preferred stock, were also declared.