Emmis decreases conversion price for convertible preferreds to $20.495

By Angela McDaniels

Seattle, Nov. 28 - Emmis Communications Corp. adjusted the conversion price of its 6.25% series A cumulative convertible preferred stock to $20.495 per share from $30.10 per share, according to an 8-K report filed with the Securities and Exchange Commission on Tuesday.

Accordingly, the conversion ratio changed to 2.44 from 1.66.

The adjustment follows the payment of a special $4 per share dividend on the company's common stock on Nov. 22.

Emmis is diversified media firm based in Indianapolis.

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