General Finance Corporation Reports Fourth Quarter And Full Year Results For Fiscal Year 2017 | Seeking Alpha
General Finance Corp 9% Prf-Perp$ 96,800,00(0,00%)05/09/2017
Codice GFNCP
ISIN US3698225071
Mercato NASDAQ
QUANTUMONLINE.COM SECURITY DESCRIPTION: General Finance Corp., 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $100 per share, redeemable at the issuer's option on or after 5/17/2018 at $100 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 9.00% per annum ($9.00 per annum or $2.25 per quarter) will be paid quarterly on 1/31, 4/30, 7/31 & 10/31 to holders of record on the record date that will be the business day immediately prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). If the issuer does not pay dividends in full on the Series C Preferred Shares on any two Dividend Payment Date, the dividend rate will increase 2.00% per annum. On each subsequent dividend payment date on which are not paid, the dividend rate will increase by an additional 2.00% per annum, up to a maximum annual dividend rate of 19.00%. The dividend rate will reset to 9.00% once they have paid all accrued and unpaid dividends on the shares for two consecutive dividend payment dates. In the event that the shares are no longer listed on the Nasdaq exchange, the dividend rate will be increased by 2.00% per annum for as long as the listing failure continues. Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 13 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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