US: Constellation converts outstanding shares
Constellation Brands has converted a type of its shares.
The US company said late last week that its outstanding depositary shares have been automatically changed into shares of Constellation's 5.75% Class A Common Stock.
The depositary shares had each represented 1/40th of the company's 5.75% Series A Mandatory Convertible Preferred Stock. Each depositary share was converted at a rate of 1.4638 shares of common stock, the company said.
Alongside optional conversions last month, the shift saw the number of outstanding common stock shares in Constellation rise by just under 10m. The company also said that it will subsequently no longer pay quarterly dividends on the preferred stock.
"Each holder of depositary shares is receiving cash in lieu of any fractional shares of Constellation's Class A Common Stock otherwise issuable upon conversion of the depositary shares," the company concluded.
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