On June 12, 2013, The company indicated: " Under this shelf process, we may sell, either separately or together, debt securities, common stock and securities warrants in one or more offerings up to an aggregate initial offering price of $150,000,000."
I could not find any mentioning of this in the board.
Any ideas what are they going to issue? Is it Common Stock, debt, pfed?
Stop worrying - the Company isn't going to buy back debt (which is not only cheaper but deductible) at par or at a premium with equity securities issued south of book. Given how responsible this management team has been most recently with their capital management program, they know capital allocation. As HI states, the shelf is a mixed shelf (most likely issued to replace an older expiring shelf) that provides the Company maximum flexibility over a multi-year time frame so that when the time comes to retire debt or any costly security they'll be able to do that, or if their stock runs to $10 they can issue stock at a premium to book. It's called good capital management. In the meantime, feel free to sell me your shares now trading at 79% of book.