Entest BioMedical Inc. Declares Dividend of Preferred Stock
Entest BioMedical Inc. (OTCQB: ENTB), a veterinary biotechnology company and operator of veterinary hospitals, today announced the declaration of a dividend of one share of the Company’s Series B Preferred Stock for every eight shares of Entest BioMedical, Inc. Common Stock owned as of the Record Date. The Record date is February 21, 2012 and the dividend is set to be paid on or about February 28, 2012.
The Company’s Series B Preferred Stock is a newly authorized series of preferred stock ranking senior to the Company’s common stock as to dividends, distributions or as to distributions of assets upon liquidation, dissolution, or winding up of the Company.
Holders of Series B Preferred Stock will be entitled to receive, when and if declared by the board of directors of the Company out of funds of the Company legally available, noncumulative cash dividends of $0.02 per quarter per Series B Preferred Share as well as additional dividends equal to dividends paid to common shareholders.
Upon any liquidation, dissolution, or winding up of the Company the holders of Series B Preferred Stock shall be entitled to receive out of the assets of the Company an amount equal to $0.10 per share of Series B Preferred Stock plus all declared and unpaid dividends before any distribution or payment may be made to any of the holders of Common Stock or any other series of preferred stock.
A copy of The Certificate of Designations establishing the voting powers, designations, preferences, limitations, restrictions and the relative rights of the Series B Preferred Stock has been filed as an exhibit attached to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission (SEC) on February 8, 2012 and can be found on the SEC's website at www.sec.gov.