bobandsherry
Thinks s/he gets paid by the post
- Joined
- Nov 24, 2015
- Messages
- 2,693
According to Quantum, the IPO was 400,000 shares. If they just called 2 mln shares in December plus the shares called before and considering a market value of $188 mln they must have dipped into this pot many times since the IPO in 2012. I never really thought about it, but does this happen often? Why not just issue a different series of preferred?
IPO info on Quantum of 440,000 shares doesn't relate to the actual redemption.
According to Quantum, they've been pretty aggressive in redeeming these shares:
- Dec. 13, 2017 -- Cedar Realty Trust, Inc. announced it will redeem 2,000,000 shares - representing approximately 58% of the total outstanding shares
- Aug. 16, 2017 -- Cedar Realty Trust, Inc. announced it will redeem 3,000,000 shares - representing approximately 47% of the total outstanding shares
- July 17, 2017 -- Cedar Realty Trust, Inc. announced it will redeem 1,500,000 shares - representing approximately 19% of the total outstanding shares.
They had a new issue CDR-C (6.5%) on 8/16/17 for 3,000,000 shares which ties to the 8/16 redemption for the "B" shares, so they did issue new series.
Shows 1,400,000 shares currently outstanding for "B", so perhaps there will be one more axe swing on this to fully retire it, trading at $22 it would be a great deal.
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