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Harbinger Group Inc. Announces Conversion of its Preferred Stock |
On the Conversion Date, holders of the Series A Preferred Shares will receive approximately 160.95 shares of common stock per Series A Preferred Share converted and holders of Series A-2 Preferred Share will receive approximately 148.11 shares of common stock per Series A-2 Preferred Share converted. The holders will also receive cash in lieu of fractional shares and for any and all accrued but unpaid dividends.
Following the Conversion Date, all rights of the Preferred Shareholders,
including rights to dividends, will terminate except that, in accordance
with and for so long as required by the certificate of designation
governing the Series A Preferred Shares, a certain number of Preferred
Shares held by The Company expects that the conversion will reduce its cash interest and related obligations and create additional liquidity in the trading of the Company's common stock.
About
Forward Looking Statements
“Safe Harbor” Statement Under the Private Securities Litigation Reform
Act of 1995: This release contains, and certain oral statements made by
our representatives from time to time, may contain forward-looking
statements, including the commencement and/or completion of the
conversion of the Preferred Shares and its expected results. These
statements are based on the beliefs and assumptions of HGI’s management
and the management of HGI’s subsidiaries (including target businesses).
Generally, forward-looking statements include information describing the
offering and other actions, events, results, strategies and expectations
and are generally identifiable by use of the words “believes,”
“expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,”
“projects,” “may,” “will,” “could,” “might,” or “continues” or similar
expressions. Factors that could cause actual results, events and
developments to differ include, without limitation, capital market
conditions, the ability of HGI’s subsidiaries (including, target
businesses following their acquisition) to generate sufficient net
income and cash flows to make upstream cash distributions, HGI and its
subsidiaries ability to identify any suitable future acquisition
opportunities, efficiencies/cost avoidance, cost savings, income and
margins, growth, economies of scale, combined operations, future
economic performance, conditions to, and the timetable for, completing
the integration of financial reporting of acquired or target businesses
with HGI or HGI subsidiaries, completing future acquisitions and
dispositions, litigation, potential and contingent liabilities,
management's plans, changes in regulations, taxes and the risks that may
affect the performance of the operating subsidiaries of HGI and those
factors listed under the caption “Risk Factors” in HGI’s most recent
Annual Report on Form 10-K, filed with the
Source:
Investors:
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