Amcon redeems series C convertible preferreds

By Devika Patel

Knoxville, Tenn., March 2 - Amcon Distributing Co. announced it has redeemed its series C convertible preferred stock.

"We were delighted that we were in a position to take advantage of this opportunity for our shareholders. Draupnir Capital has been a tremendous partner for us as we have executed on our strategic plan. We look forward to a strong relationship with Draupnir as we continue to build value for our shareholders in the future," Amcon chairman and chief executive officer Christopher H. Atayan said in a press release.

"This transaction will reduce our fully diluted share base by 146,842 shares. The full impact of this will occur in our fiscal third quarter," chief financial officer Andrew Plummer added in the release.

As previously reported, the company sold the $2 million in 6% preferreds to Draupnir in a March 2006 private placement.

Chicago-based Amcon distributes beverages, tobacco products and frozen foods.

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