These are cumulative pfd. see quantum notes and link below.
i think but would like confermation that if the miss 3 semi annual payments the interest rate goes up 1% and (maybe) they get two seats on BOD. Anyone please confirm as was hard to read.
Also this can be PIK or paid in kind (common) but they decided not too as share price was too low. If BK was anticipated they just would have paid the PIK divi. Management is still trying to preserve shareholder value.
So if BK is out and divi returns next winter. these shares are worth 50 times the current share price. with a great divi percentage.
So if you think company survives, this makes a nice piece of your long term investment strategy. Common is definately a good value, but pfds good for portion that is long term.
SandRidge Energy, 8.50% Convertible Perpetual Preferred Stock
Ticker Symbol: SDRXP CUSIP: 80007P406 Exchange: OTOTC
Security Type: Traditional Convertible Preferred Stock
Security's Distribution is Suspended!
QUANTUMONLINE.COM SECURITY DESCRIPTION: SandRidge Energy, 8.50% Convertible Perpetual Preferred Stock, liquidation preference $100 per share, not redeemable at the issuer's option at any time, and with no stated maturity. Cumulative distributions of 8.50% ($8.50) per annum paid in cash or common stock are paid quarterly on 2/15 & 8/15 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by the preferred are eligible prior to 1/1/2011 for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders. The preferred shares are convertible any time at the holder's option into 12.4805 common shares of SandRidge Energy Inc. (NYSE: SD), an initial conversion price of $8.0125 per common share. On or after 2/20/2014, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
Stock
Exchange Cpn Rate
Ann Amt LiqPref
CallPrice Call Date
Matur Date Moodys/S&P
Dated Conv Shrs
Conv Price Distribution Dates 15%
Tax Rate
OTOTC
Chart 8.50%
$8.5 $100.00
n.a. 2/20/2014
None Caa3 / NR
12/17/15 12.4805
$8.0125 Suspended!
2/15 & 8/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
Yes
Goto Parent Company's Record (SDOC)
Notes: January 8, 2016 -- SandRidge Energy, Inc (OTC PINK: SDOC) today announced that its Board of Directors has decided to suspend payment of the $4.25 per share semi-annual dividend on shares of its 8.5% Convertible Perpetual Preferred Stock. The dividend suspension follows the prior suspension of dividend payments on shares of the Company’s 7.0% Convertible Perpetual Preferred Stock announced on September 28, 2015 and reflects the Company’s continued focus on preservation of liquidity, prudent capital allocation and support of long-term enterprise value. The Company has 2,650,000 shares of 8.5% Convertible Perpetual Preferred Stock outstanding and will continue to re-evaluate the dividend payment policy on a semi-annual basis
IPO - 1/21/2009 - 2.25 Million Shares @ $100.00/share. Link to IPO Prospectus
http://www.quantumonline.com/search.cfm
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