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Simon Property Group Inc. Message Board

  • onwardskyward onwardskyward Jun 30, 2008 5:22 PM Flag

    Can you say dilution

    Holders of Simon Property Group Series I Preferred Stock May Elect to Convert During 2008 Third Fiscal Quarter
    Monday June 30, 4:05 pm ET

    INDIANAPOLIS, June 30 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (the "Company") (NYSE: SPG - News) today announced that holders of the Company's Series I 6% Convertible Perpetual Preferred Stock (NYSE: SPGPrI - News; "Preferred Stock") may elect to convert their shares during the quarter beginning on July 1, 2008 and ending on September 30, 2008 because the closing sale price of the Company's Common Stock exceeded $78.30, or 125% of the applicable conversion price, for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the prior quarter, June 30, 2008. At the current conversion price, each share of Preferred Stock is convertible into 0.798212 of a share of Simon Property Group Common Stock.

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