Moscow CableCom delays partial convertible redemption

New York, May 5 - Moscow CableCom Corp. said it delayed its previously announced partial redemption of 35,000 shares of its series A cumulative convertible preferred stock to May 14 instead of April 30.

The company said the delay is to allow holders additional time to respond to the redemption.

Moscow CableCom announced the redemption on April 5.

The company will pay par of $18.75 per share plus accrued dividends.

Holders can convert the preferreds into 3.055 shares of common stock per share of preferred stock.

The redemption covers 18.6% of the outstanding preferred stock.

The New York-based owner of ComCor-TV, which provides telecommunications services in Moscow, said that if the call is successful at encouraging conversion of the preferreds into stock it will redeem more of the securities.

Redeeming the preferreds will reduce the consumption of cash to pay the dividends, the company added.

© 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.