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WGNB extends rights offering for 9% convertible preferreds
By Jennifer Chiou
New York, Aug. 20 - WGNB Corp. announced the extension of its rights offering for up to $30 million of its 9% mandatory convertible preferred stock to Sept. 19 from Aug. 29.
The expiration date for the reoffering of any unsubscribed preferred shares to the general public will remain Oct. 31.
As previously announced, holders of WGNB common stock are being offered the rights to 3.75 million of the series A convertible preferred stock at $8 per preferred share.
The preferred stock will be non-callable until Sept. 15, 2013, and there also is a put in year three.
"I am pleased to report that the response to the preferred stock rights offering has been positive," H. B. "Rocky" Lipham, III, chief executive officer of WGNB and First National Bank of Georgia, said in a news release.
"In fact, our directors, executive management and related parties have increased their subscriptions to over $9.4 million, or 31% of the total contemplated offering.
"In recent days, we have received notice that many shareholders were delayed in receiving their subscription materials from their brokerage accounts and we believe it is appropriate to extend the deadline for the rights offering in order to give all of our shareholders adequate time in which to participate."
Net proceeds will be used for capital enhancement and general corporate purposes.
WGNB intends to list the series A preferreds on the Nasdaq Capital Market under the symbol "WGNA." Its common stock is listed on the same market under the symbol "WGNB."
Questions can be directed to Registrar and Transfer Co. (800 368-5948) or WGNB (770 832-3557).
Based in Carrollton, Ga., WGNB is a bank holding company with $910 million of assets.
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