COWPP, now i remember, recieved a 13% share dividend on my preferred. this from the 10k FWIW . PREFERRED STOCK ISSUANCE
On October 15, 1986 Canal exchanged 986,865 shares of its $1.30 Exchangeable Preferred Stock ("the Preferred Stock") for a like amount of its outstanding common stock. Since the exchange, the Company has issued an additional 5,449,369 shares in the form of stock dividends and in October 2003 the Company, repurchased for retirement, 992,225 shares (from an affiliate) at $0.10 per share resulting in a total outstanding at October 31, 2003 of 5,443,979. All of the Preferred Stock has a par value of $0.01 per share and a liquidation preference of $10 per share. The Preferred Stock is subject to optional redemption, in exchange for Canal's 13% Subordinated Notes, by Canal, in whole or in part at any time on or after September 30, 1988 at the redemption price of $10 per share. Dividends on the Preferred Stock accrue at an annual rate of $1.30 per share and are cumulative. Dividends are payable quarterly in cash or in Preferred Stock at Canal's option. Payment commenced December 31, 1986. To date, fifty-six of the sixty-eight quarterly payments have been paid in additional stock resulting in the issuance of 5,449,369 shares recorded at their fair value at the time of issuance.
CAVEAT EMPTOR Do your own DD this pos is .10 for a reason :)
This is not a reco to buy! Please do your DD!
AI
