Genie Energy to redeem remaining 2012-A preferreds for $6.4 million

By Mary-Katherine Stinson

Lexington, Ky., May 16 – Genie Energy Ltd. announced that it will exercise its right to redeem the remaining outstanding 748,064 shares of its 2012-A preferred stock (Cusip: 372284307) for $8.50 per share for a total cost of about $6.4 million, according to a news release.

The redemption is scheduled for June 16.

The company will also pay accrued dividends up to the redemption date.

To receive payment, stockholders must surrender certificates representing the preferred stock to the redemption agent American Stock Transfer & Trust Co., LLC (800 937-5449, 718 921-8317).

After this redemption, no shares will remain outstanding.

With the redemption, the company has over $105 million in cash and cash equivalents, over $142 million in working capital and no debt as of March 31, stated CEO Michael Stein in the press release.

The preferreds are listed on the New York Stock Exchange under the symbol “GNEPrA.”

Newark, N.J.-based Genie Energy is a retail energy and renewable energy solutions provider.

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