Westmoreland Coal to exchange common shares for 16,000 depositary shares

By Jennifer Chiou

New York, May 1 - Westmoreland Coal Co. said it entered into an agreement to issue common shares for 16,000 depositary shares at an exchange ratio of 1.8691 common shares per depositary share, according to an 8-K filing with the Securities and Exchange Commission.

The Colorado Springs, Colo., coal producer added that each depositary share represents one-quarter of a series A convertible exchangeable preferred share.

Westmoreland Coal said the terms of the preferreds allow holders to convert their holdings for 1.708 common shares per depositary share.

The company noted that it will not pay accumulated dividends for the 16,000 depositary shares.

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