The relationship between risk, growth expectations and P/E ratios helps to explain why the common stock
of otherwise similar companies trades at different multiples.
According to the company, the split-adjusted common stock
will trade under the ticker symbol WIZPD for 20 days, after which time the D will be removed and the stock will resume trading under the ticker symbol WIZP.
Cash elections were oversubscribed, so FNB stockholders who made a valid cash election with respect to their shares of FNB common stock
will receive USD 630.00 per share in cash for approximately 53.4% of their shares and 12.6000 shares of Citizens common stock
for each of their remaining shares, plus cash in lieu of any fractional share of Citizens common stock
FNF stockholder approval is required to amend the FNF Restated Certificate of Incorporation to increase the authorized shares of common stock
from 150 to 250 million to allow for the issuance of new shares of FNF common stock
to holders of FNIS common stock
in the merger.
Each bond is convertible into 40 shares of common stock
. The tax rate is 40%.
An issuer of nonconvertible bonds with an investment grade credit rating may seem to incur the same effective interest rate as a lower-rated issuer of convertible bonds if the accounting does not recognize that purchasers of the convertible bonds receive both interest payments and a chance to obtain common stock
at a favorable price as a return on their funds.
Also, the total amount paid in the special dividend is USD67.1m in cash and 4.5 million shares of common stock
. The company used a price of USD49.93 per share, the volume-weighted average price of its common stock
on the New York Stock Exchange on 11 and 12 March 2019, to decide the value of the shares issued in the special dividend.
The closing sale price of the Common Stock
was $17.50, which marked the 20th trading day in the previous 30 consecutive trading days that the Common Stock
closed above $15.04 (which is equal to 130% of the applicable conversion price for the Series C Preferred Stock), triggering the right of OFG Bancorp to elect to mandatorily convert all shares of Series C Preferred Stock into shares of Common Stock
in accordance with the terms of the Series C Preferred Stock.
For each share of AC Class A common stock
that is validly tendered and not validly withdrawn, an AC stockholder will receive 1.35 shares of GBL Class A common stock
(the "exchange ratio"), together with cash in lieu of any fractional share of GBL Class A common stock
, without interest and less any applicable withholding taxes.
Also, the board approved a corresponding, proportional reduction in the number of the company's authorised shares of common stock
, each to become effective pursuant to the filing of articles of amendment to AmpliPhi's articles of incorporation.