EuroDry plans to redeem all outstanding series B preferred shares

By Mary-Katherine Stinson

Lexington, Ky., Dec. 13 – EuroDry Ltd. will redeem all its outstanding series B preferred shares at par on or about Dec. 20, according to a press release.

The company stated that it will use its own funds for the redemption.

The purpose is to simplify the company’s capital structure, reduce funding costs and increase earnings per share for common shareholders by eliminating the preferred share dividend.

The shares did carry a dividend of 8% until January 2023 and would have increased to 14% thereafter.

Athens-based EuroDry operates in the dry cargo, drybulk shipping market. It was spun off from Euroseas Ltd. in 2018.

© 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.