Omni Energy wins judgment to redeem series A and B convertible preferreds

By Sheri Kasprzak

New York, Dec. 15 - Omni Energy Services Corp. said Thursday it has won a judgment to redeem its outstanding series A and series B convertible preferred stock.

The Fourth Circuit Court of Appeal for the State of Louisiana ruled in the company's suit against Steve Stull, a former director of the company, and Advantage Capital Partners that Omni has the right to redeem the preferreds.

Omni may redeem the preferreds within 30 days of receiving notice of conversion from Advantage Capital.

"Omni's interpretation follows the law and the articles of incorporation," said the court's ruling. "With each of the tenders of their series A and series B preferred stock by [Advantage Capital Partners, et. al.] ... Omni had the option and right within 30 days of the tender to purchase the preferred shares for cash at a value as determined in accordance with the articles. Omni timely exercised their option and right to purchase the shares and tendered the funds in cash to [Advantage Capital Partners, et. al.]."

Based in Carencro, La., Omni provides onshore seismic data and services to the oil and natural gas exploration sector.

On Thursday, the company's stock gained 2 cents to close at $3.01.

© 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.