Tuesday, July 08, 2014 3:23:31 PM
I've been thinking about this all yesterday evening and today. The only two purposes I can come with are:
1. Sets up a barrier to provide better protection of the company's cash resources if Dominion (and maybe other) preferred shareholders are prevented from easily redeeming their shares for cash on a moment's notice.
2. Could be the beginning of positioning the company for a buyout. This maneuver smells a bit like a "poison pill" setup where it would be fairly difficult for any potential acquiring company to gradually take control through stock purchases. It's now an "all or none" game.
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