WGNB to begin $25 million rights offering for 9% convertible preferreds

By Susanna Moon

Chicago, June 20 - WGNB Corp. plans to grant shareholders nontransferable subscription rights to buy up to 2.5 million shares of its 9% series A convertible preferred stock at $10.00 per share, according to a press release and an S-1 filing with the Securities and Exchange Commission.

The company will grant one right per share of common stock held, and investors may purchase one preferred for $10.00 per each 2.423 subscription rights granted.

The $25 million rights offering will begin in July and expire at 5 p.m. ET on Aug. 11.

To be eligible for the offering, investors must own stock as of the close of business on June 30, the record date for the rights offering.

The company's stock (Nasdaq: WGNB) closed at $8.75 per share on June 19.

WGNB is a bank holding company based in Carrollton, Ga.

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