Investment firm to redeem stockPetroleum & Resources Corp...


April 14, 1993

Investment firm to redeem stock

Petroleum & Resources Corp. will redeem its 2 million shares of convertible preferred stock at $15 plus a 35 cent dividend by May 19.

Douglas Ober, chairman of the Baltimore-based investment company, said the board of directors voted to redeem the 11-year-old shares because they were paying a higher-than-market rate of interest. He said the redemption of the shares, which had been paying 10.5 percent, will cost the company $29 million but will allow the company, if it chooses, to borrow again at today's rates, which range from 6 percent to 7.5 percent.

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