GOLD CENTURY

[Picassa]

1:44PM General Electric announces common stock offering; Warren Buffett announces investment in GE (GE) 23.63 -1.87 : Co announces plans to offer at least $12 bln of common stock to the public. The offering is expected to be priced prior to tomorrow's market open in the U.S. In addition, GE announced that it has reached agreement to sell $3 bln of perpetual preferred stock in a private offering to Berkshire Hathaway (BRK.A). The perpetual preferred stock has a dividend of 10% and is callable after three years at a 10% premium. In conjunction with this offering, Berkshire Hathaway will also receive warrants to purchase $3 bln of common stock with a strike price of $22.25 per share, which is exercisable at any time for a five-year term. "The economic environment remains volatile. However, the company's performance remains on track with the earnings guidance we provided last week for 2008, including third quarter financial services earnings of ~$2 bln and industrial earnings growth of between 10 and 15%, excluding our Consumer & Industrial business." (stock halted)