LSB Industries issues 52,688 common shares in exchange for 7,120 preferreds

By Jennifer Chiou

New York, Oct. 31 - LSB Industries, Inc. said it issued 52,688 common shares in exchange for 7,120 shares of its $3.25 convertible exchangeable class C series 2 preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

For the exchange, the shareholders agreed to waive their rights to all accrued dividends, amounting to $165,629.

The company entered into the exchanges with John Cregan, Frances Berger and William M. Stern and affiliates.

LSB said it issued to Cregan 3,700 common shares for 500 preferred shares and to Berger 9,990 common shares for 1,350 preferred shares.

To Stern, the company said it issued 38,998 common shares for 5,270 preferred shares.

As of Sept. 30, the accrued dividends on the preferreds was $23.2625 per share.

The company announced agreements with shareholders on Oct. 13, when it said it would issue 720,967 common shares in exchange for 97,428 shares of its $3.25 convertible exchangeable class C series 2 preferred stock.

The Oklahoma City-based manufacturer of climate-control products noted that after the exchanges, there will remain a total of $11.6 million in unpaid dividends and 499,102 shares outstanding.

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