Farmland to convert 6% participating preferreds into common shares

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – Farmland Partners Inc. will convert all the outstanding shares of its 6% series B participating preferred stock into shares of its common stock, the company said in a press release.

Based on the conversion ratio in the articles summary, the company will issue a total of 12,119,829 shares, which is 2.0871798 shares of common stock per share of series B preferred stock to be converted. Holders will receive cash in lieu of fractional shares.

The $12.75 conversion price constitutes a $3.97, or 45.2%, conversion premium over the closing price of the common stock on the New York Stock Exchange on Aug. 10, 2017, the date the series B preferred stock was priced.

The Denver-based real estate investment trust plans to contribute proceeds to its operating partnership in exchange for series P participating preferred units. The partnership will use the funds for future acquisitions of farmland and for general corporate purposes.

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