Jacobs Financial to issue new 8% convertible preferreds in exchange for series B preferreds

By Angela McDaniels

Tacoma, Wash., Dec. 14 - Jacobs Financial Group, Inc. said the holders of $6,804,936, or 70.72%, of its series B preferred stock have elected to exchange their shares for series C convertible preferreds.

The holders made their elections in November, and the board of directors adopted and ratified actions needed to complete the exchange on Dec. 8, according to an 8-K filing with the Securities and Exchange Commission.

For each $1,000 face amount of series B preferreds exchanged, holders will receive an equal amount of series C preferreds plus 2,000 shares of common stock.

The new preferreds pay dividends of 8% per year and are convertible into common shares at a conversion price of $0.10 per share.

The new preferreds are callable at any time. They are not putable.

Jacobs Financial engages in the provision of investment advisory services and placing of surety bonds. The company is based in Charleston, W.Va.

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