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Oglebay will redeem 369,197 more shares of its preferred stock
By Laura Lutz
Des Moines, July 24 - Oglebay Norton Co. will redeem another 369,197 shares of its 14.8275% series A convertible preferred stock.
The Cleveland-based sand and mica mining company said it will redeem the shares at $13.52 per share on Aug. 23, or holders can convert each preferred share into 1.2292 common shares.
Investors opting to convert their preferred shares must do so by 5 p.m. ET on Aug. 16.
Oglebay stock closed at $19.70 Monday.
On May 23, the company announced the redemption of 369,822 preferred shares, and 369,643 of those shares were converted into 454,335 common shares as of June 23.
On June 29, another 369,599 shares of preferred stock were called for redemption, and, on July 28, 369,288 of those shares will convert into 453,900 shares of common stock.
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