Altus inks option to buy back Vertex preferred holding |
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By Wire Reports |
Monday, 17 August 2009 14:01 |
Altus shares were trading up 5 percent at 34 cents Monday afternoon on Nasdaq. In 1999, Vertex bought 450,000 redeemable preferred shares of Altus for $3.1 million. Accrued dividends on the shares were about $2.3 million as of June 30, Altus said in a regulatory filing. Unless Altus exercises the option, the preferred stock is redeemable, on or after Dec. 31, 2010 at the option of Vertex or at Altus' option at any time, for $10.00 per share plus accrued and unpaid dividends. Vertex option of redemption also holds if Altus were to be liquidated. Altus, which had taken up several cost-control measures early in the year, said earlier this month that it will have to raise cash by the end of September to continue operations. (Reporting by Vidya L Nathan in Bangalore; Editing by Vinu Pilakkott of Reuters) "Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'. Add this page to your favorite Social Bookmarking websites ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |