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SMALL BUSINESS
Winthrop gives holders option to buy more shares
AP
BOSTON -Winthrop Realty Trust said Wednesday it will give existing shareholders the right to buy an additional 5 million shares of common stock at $9.05 each.
The shares fell after the company made the announcement.
The Boston-based real estate investment trust plans to use the proceeds for general expenses and acquisitions.
Winthrop will distribute subscription rights on Oct. 22 to shareholders of common and preferred shares, who then have until Nov. 19 to decide whether to buy the extra shares.
Each shareholder will get the option to buy one share for every 3.5 shares owned.
Those who buy more shares but do not max out their buying option will have the option to buy even more shares under an oversubscription provision.
Preferred shareholders also have the option to convert their shares from Series B-1 shares to Series C shares.
Winthrop shares fell 58 cents, or 6 percent, to $9.10 on Wednesday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-14 18:53:10
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