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Cyclacel Pharmaceuticals, Inc. (CYCC) Message Board

  • spook2b spook2b Sep 10, 2013 4:37 PM Flag

    A note on CYCC preferred

    Cyclacel has a cumulative preferred stock, CYCCP. Par value is $10, and the dividend is 60 cents/year. At today's closing price ($6.93), CYCCP is yielding a bit more than 8.5%. Last time I checked, CYCCP had an arrearage of $1.90 in the dividend. I believe the company has paid the 15 cent quarterly dividend for at least 3 quarters now. The preferred has a conversion feature, but the share price for the common would have to be something over $200 for that to come into play. The company has the option to redeem the preferred at around $10.

    The amount of CYCCP out there is very low - around 420K shares. This year the company has swapped common shares for the preferred and retired around 800K shares. IF (big IF) the company continues to declare the dividend, and the common share price goes up, I'm guessing they may retire some more or all of the preferred. In the meantime, the 8.5% yield is nice, and I think there is a buck or two upside in the share price (up 72 cents today). That said, if you believe the company will execute, there is a cap on the possible price appreciation for the preferred, while the common could gain a lot more.

    I own both common & preferred shares of CYCC, with a ratio of about 10 to 1 for the common.

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    • just out:
      On September 10, 2013, the Board of Directors (the "Board") of Cyclacel Pharmaceuticals, Inc. (the "Company") declared a quarterly cash dividend in the amount of $0.15 per share on the Company's 6% Convertible Exchangeable Preferred Stock ("Preferred Stock"). The cash dividend will be payable on November 1, 2013 to the holders of record of the Preferred Stock as of the close business on October 21, 2013.

 
CYCC
3.17+0.02(+0.63%)Sep 19 4:00 PMEDT

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