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By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | August 31, 1996
Rouse Co. yesterday announced plans to redeem a block of preferred shares by converting them to common stock, a move that will save the Columbia-based real estate concern $3.5 million annually.Rouse's decision to redeem all 3.95 million outstanding shares of its Series A convertible preferred shares stems from increases in its common stock price and a desire to curtail relatively expensive dividend payments."For shareholders, they've gotten the benefit of an extra dividend yield, and they're also getting the benefit of a rise in the common stock price," said David L. Tripp, a Rouse vice president and the company's director of investor relations.
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BUSINESS
By Steve Kilar, The Baltimore Sun | March 19, 2013
Corporate Office Properties Trust, a real estate investment and development firm based in Columbia, on Tuesday completed its public offering of nearly 4.5 million new common shares, the company said in a statement. The offering generated about $118 million in proceeds, the company said. The offering's underwriters purchased all 585,000 shares available to them, said COPT, which owns about 210 office buildings, totaling 18.8 million square feet of leasable space. In a Securities and Exchange Commission filing, the company said it intends to use the proceeds to redeem a series of preferred shares, repay what it owes on an unsecured credit facility and for general corporate purposes.
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BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | February 4, 1998
In a sweeping plan aimed at increasing the value of its stock, US Airways Group Inc. said yesterday that it will repurchase up to $500 million in common stock, retire a sizable amount of debt and redeem the last of its outstanding preferred shares."
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 16, 2012
Delmar Bancorp has no regrets about taking a $9 million investment from the federal Troubled Asset Relief Program, even though some banks have rushed for the exit. "We did it as an abundance of caution," said Ed Thomas, president of the parent of Bank of Delmarva, which serves the still-struggling Eastern Shore. "I'm glad we did it because we didn't know how deep the financial downturn was going to be. " TARP provided capital at an attractive price, he said. Created four years ago as the country's financial system teetered on the verge of collapse, TARP provided more than 700 banks with a combined $205 billion of capital by buying dividend-paying preferred shares.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | March 29, 1996
Three insurance companies that own preferred shares nearly derailed Baltimore Gas and Electric Co.'s merger plans -- a potential roadblock that prompted the utility to take action this week to redeem the stock for $62.1 million.The negative votes by the General Accident Insurance Co., American States Insurance Co. and Protection Mutual Insurance Co. meant that the $8.3 billion utility company would have been unable to collect the two-thirds majority required in the preferred stock class to unite with Potomac Electric Power Co.The three insurers collectively controlled 33 percent of BGE's outstanding preferred shares.
BUSINESS
By BLOOMBERG NEWS | February 18, 2003
NEW YORK - Simon Property Group Inc., the world's largest mall owner, said yesterday that holders of 85 percent of the common stock in rival Taubman Centers Inc. agreed to its $4.25 billion tender offer. About 44.1 million of 52.2 million Taubman Centers shares were tendered as of Feb. 14, said Dan Gagnier, a spokesman for Simon Property, which is joined in its bid by Australia's Westfield America Inc. Taubman Centers recommended that investors reject the $20-a-share offer, and Simon Property had said it would abandon its bid if at least two-thirds of the shares weren't tendered.
BUSINESS
By William Branigin, Michael D. Shear and Zachary Goldfarb and William Branigin, Michael D. Shear and Zachary Goldfarb,The Washington Post | February 26, 2009
WASHINGTON -The Treasury Department issued a blueprint yesterday for administering "stress tests" for large banks to assess their ability to withstand a more severe economic downturn and said it was giving them immediate access to additional money from the government's $700 billion financial rescue program. At the White House, President Barack Obama later called for stronger regulation of the financial sector, unveiling principles that will guide development of new rules for banks during the next four weeks.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | April 7, 2004
News Corp., Rupert Murdoch's mammoth global media company, said yesterday that it intends to reincorporate in the United States from Australia, where it has been domiciled since 1949, when Sir Keith Murdoch, Murdoch's father, began to buy up interests in Australian newspapers. The company said it will shift its primary listing to the New York Stock Exchange while retaining secondary listings in Australia and on the London Stock Exchange. Two classes of News Corp. stock are traded in the United States, but as American depository receipts (ADRs)
BUSINESS
By BLOOMBERG NEWS | August 9, 1997
LOS ANGELES -- Times Mirror Co. yesterday said two transactions with its largest shareholder will reduce the amount of its common and preferred stock, boosting earnings by more than 10 cents a share next year.The plan involves the creation of a new company to hold cash, stock and Times Mirror-owned real estate. It will reduce the number of shares outstanding of the company's main Series A stock by 6 million and create a new preferred stock with a lower dividend rate. The stated value of Times Mirror's 8 percent Series A preferred stock would be cut by $367 million.
BUSINESS
By Mark Stevens | December 3, 1990
If all you see in the new tax law is less deductions and higher rates, you might want to take another look at the fine print. Included in the legislation you'll find a provision that qualifies as good news to small-business owners. After disallowing so-called estate freezes" for three years, the Congress has reversed itself once again, allowing entrepreneurs to use this popular method of passing business interests to their heirs.Put simply, an estate freeze permits a business owner to transfer part ownership of his business to his children, while avoiding a big estate tax bill.
BUSINESS
By William Branigin, Michael D. Shear and Zachary Goldfarb and William Branigin, Michael D. Shear and Zachary Goldfarb,The Washington Post | February 26, 2009
WASHINGTON -The Treasury Department issued a blueprint yesterday for administering "stress tests" for large banks to assess their ability to withstand a more severe economic downturn and said it was giving them immediate access to additional money from the government's $700 billion financial rescue program. At the White House, President Barack Obama later called for stronger regulation of the financial sector, unveiling principles that will guide development of new rules for banks during the next four weeks.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | November 18, 2008
Provident Bankshares Corp. announced yesterday that it received $151 million from a federal program designed to spur lending. Maryland's largest independent bank received the maximum amount an institution of its size is allowed under the voluntary program. In exchange for the cash, Provident sold senior preferred shares and warrants to purchase common stock to the U.S. Treasury. "It's an endorsement, in effect, that the Treasury and regulators see that Provident is ... strong enough to warrant the investment," said Bert Ely, a banking analyst in Virginia.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | April 7, 2004
News Corp., Rupert Murdoch's mammoth global media company, said yesterday that it intends to reincorporate in the United States from Australia, where it has been domiciled since 1949, when Sir Keith Murdoch, Murdoch's father, began to buy up interests in Australian newspapers. The company said it will shift its primary listing to the New York Stock Exchange while retaining secondary listings in Australia and on the London Stock Exchange. Two classes of News Corp. stock are traded in the United States, but as American depository receipts (ADRs)
BUSINESS
By EILEEN AMBROSE | August 31, 2003
LIKE MANY investors in the 1990s, retiree Thomas Devlin got swept up in the stock market euphoria, riding technology and other growth stocks up and then back down. His portfolio lost 30 percent from the height of the market in 2000 to fall 2001, and he was dipping into principal. "After Sept. 11, I had no confidence of it rebounding," said Devlin, 72, who retired as a program manager with Westinghouse Electric Corp. in 1994. That's when the Kingsville investor changed course. He dumped the growth stocks that once made up half his holdings and built an income portfolio made up largely of preferred stocks that pay high dividends.
BUSINESS
By BLOOMBERG NEWS | February 18, 2003
NEW YORK - Simon Property Group Inc., the world's largest mall owner, said yesterday that holders of 85 percent of the common stock in rival Taubman Centers Inc. agreed to its $4.25 billion tender offer. About 44.1 million of 52.2 million Taubman Centers shares were tendered as of Feb. 14, said Dan Gagnier, a spokesman for Simon Property, which is joined in its bid by Australia's Westfield America Inc. Taubman Centers recommended that investors reject the $20-a-share offer, and Simon Property had said it would abandon its bid if at least two-thirds of the shares weren't tendered.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | February 4, 1998
In a sweeping plan aimed at increasing the value of its stock, US Airways Group Inc. said yesterday that it will repurchase up to $500 million in common stock, retire a sizable amount of debt and redeem the last of its outstanding preferred shares."
BUSINESS
By Steve Kilar, The Baltimore Sun | March 19, 2013
Corporate Office Properties Trust, a real estate investment and development firm based in Columbia, on Tuesday completed its public offering of nearly 4.5 million new common shares, the company said in a statement. The offering generated about $118 million in proceeds, the company said. The offering's underwriters purchased all 585,000 shares available to them, said COPT, which owns about 210 office buildings, totaling 18.8 million square feet of leasable space. In a Securities and Exchange Commission filing, the company said it intends to use the proceeds to redeem a series of preferred shares, repay what it owes on an unsecured credit facility and for general corporate purposes.
BUSINESS
By EILEEN AMBROSE | August 31, 2003
LIKE MANY investors in the 1990s, retiree Thomas Devlin got swept up in the stock market euphoria, riding technology and other growth stocks up and then back down. His portfolio lost 30 percent from the height of the market in 2000 to fall 2001, and he was dipping into principal. "After Sept. 11, I had no confidence of it rebounding," said Devlin, 72, who retired as a program manager with Westinghouse Electric Corp. in 1994. That's when the Kingsville investor changed course. He dumped the growth stocks that once made up half his holdings and built an income portfolio made up largely of preferred stocks that pay high dividends.
BUSINESS
By BLOOMBERG NEWS | August 9, 1997
LOS ANGELES -- Times Mirror Co. yesterday said two transactions with its largest shareholder will reduce the amount of its common and preferred stock, boosting earnings by more than 10 cents a share next year.The plan involves the creation of a new company to hold cash, stock and Times Mirror-owned real estate. It will reduce the number of shares outstanding of the company's main Series A stock by 6 million and create a new preferred stock with a lower dividend rate. The stated value of Times Mirror's 8 percent Series A preferred stock would be cut by $367 million.
BUSINESS
By BLOOMBERG BUSINESS NEWS | September 14, 1996
NEW YORK -- Chase Manhattan Corp. yesterday sold $500 million of a new product -- the first mortgage-backed preferred stock -- amid strong investor demand.The success of Chase's sale bodes well for other banks, including Chevy Chase Bank, a Maryland-based savings bank. They're lining up to sell some $4 billion of the new preferred stock in the days ahead, investment bankers said.Buyers were so eager to own Chase's preferred shares -- which are backed by mortgages on homes and businesses -- that they accepted a dividend 0.28 percentlower than where the shares were first marketed.
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