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LTC Properties Inc. Message Board

  • TMcCa TMcCa May 23, 2000 1:11 PM Flag

    Meeting Location?

    BTW where is the meeting being held? Is it in Oxnard, CA.????

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    • The company has asked for an increase in the the
      Pfd. shares outstanding....to be voted on at annual
      meeting. Company also stated the only reason that new Pfd.
      shares would be issued,
      "COMPANY IS EXPLORING THE
      FEASIBILITY OF MAKING AN OFFER TO THE EXISTING HOLDERS OF THE
      COMPANY'S COMMON STOCK TO EXCHANGE ALL OR A PORTION OF
      THEIR SHARES OF COMMON STOCK FOR A NEW SERIES OF PFD.
      STOCK........"

      Guess we now know why common stock has
      started to move up......

      • 2 Replies to Curtispvd992
      • <<"COMPANY IS EXPLORING THE FEASIBILITY OF
        MAKING AN OFFER TO THE EXISTING HOLDERS OF THE COMPANY'S
        COMMON STOCK TO EXCHANGE ALL OR A PORTION OF THEIR
        SHARES OF COMMON STOCK FOR A NEW SERIES OF PFD.
        STOCK........"

        >>
        What would be the reason for
        this? Would hurt the current preferreds unless the new
        class were subordinate in which case it would make
        little difference. Would also make it more difficult for
        the company to reduce the dividend. Could this be
        self serving since mgmt owns common? Puzzled by this.
        -Z

      • Thank you for pointing out this proposal. IMHO
        this is a BAD idea because its effect would be to take
        away shareholder discretion in rejecting or accepting
        a merger or a buy-out. Management may even be
        contemplating a self-serving "going private" transaction. Why
        permanently give-up your future voting rights for nothing?

 
LTC
38.71-0.06(-0.15%)Sep 17 4:04 PMEDT

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