Virtus investor opts to convert series B preferreds into common stock

By Devika Patel

Knoxville, Tenn., Aug. 9 - Virtus Investment Partners, Inc. said it has converted 9,783 of its 8% series B convertible preferred shares into 378,446 common shares.

On Aug. 2, Virtus said it was calling 9,783 preferreds, or approximately 22% of the 45,000 preferreds held by Harris Bankcorp. Harris elected to convert the 9,783 preferreds and undeclared dividends through Aug. 6.

Following this, the company's outstanding preferred stock will decline by $9.8 million and Virtus will reduce its annual preferred dividend payments by approximately $800,000.

Virtus provides investment management products and services and is based in Hartford, Conn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.