Energy Services calls 6% series A convertible perpetual preferreds

By Rebecca Melvin

Concord, N.H., June 30 – Energy Services of America Corp. notified holders of its 6% series A convertible cumulative perpetual preferred stock that it will redeem all 206 shares on Sept. 1, according to an 8-K filing with the Securities and Exchange Commission.

The company will pay a price equal to $25,000 per share plus accrued dividends.

Some or all of the 206 outstanding shares may be converted into common stock. The conversion formula for each share is $25,000 plus all accrued dividends up to, but excluding, Sept. 1 divided by the conversion price of $1.50.

Cash will be issued in lieu of fractional shares at a rate of $25,000 multiplied by the fractional share rounded to the nearest cent. Any shareholder electing conversion, in whole or in part, must return a notice of conversion to the company at least two business days prior to the Sept. 1 redemption date.

Based in Huntington, W.Va., the company provides contracting services for energy-related companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.