Auction Preferred Stock


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Related to Auction Preferred Stock: Auction Market Preferred Stock, Dutch Auction Preferred Stock

Auction Preferred Stock

A preferred stock with an adjustable dividend that changes every seven weeks according to the results of a Dutch auction. Every preferred stock has a guaranteed dividend; an auction market preferred stock is distinguished by the fact that the amount of its dividends changes from time to time. An auction market preferred stock is beneficial for some investors because the auction reveals the current market yield every seven weeks, which helps in investment decisions on whether to buy, sell, or hold. It is also called an auction rate preferred stock or a Dutch auction preferred stock.
References in periodicals archive ?
Based on the information available at the third and final reconvening of the 2008 Annual Meeting, approximately 44% of the common and auction preferred stock, and approximately 30% of the auction preferred stock alone, was represented at that meeting.
Auction preferred stock is a preferred equity security that pays dividends that are reset by an auction typically held every seven or 28 days.
DNP's Auction Preferred Stock and Remarketed Preferred Stock (CUSIPs 23325P856, 23325P872, 23325P500 and 23325P609) are now rated A1.
the "Fund") (NYSE: PPM) today announced the timing of (i) the redemption in full of all of its outstanding auction preferred stock ("APS") and (ii) payment of the final liquidating distribution to common stockholders.
DNP had offered to purchase for cash shares of its Remarketed Preferred Stock ("RP") and Auction Preferred Stock ("APS") having an aggregate liquidation preference of up to $200,000,000 (excluding accrued and unpaid dividends, fees and expenses), at a price equal to (a) $96,000 per share of Series D RP, equal to 96% of the $100,000 liquidation preference per share of Series D RP, (b) $96,000 per share of Series E RP, equal to 96% of the $100,000 liquidation preference per share of Series E RP, (c) $24,000 per share of Series TH APS, equal to 96% of the $25,000 liquidation preference per share of Series TH APS, and (d) $24,000 per share of Series F APS, equal to 96% of the $25,000 liquidation preference per share of Series F APS.
As previously announced, on February 23, 2010, the holders of the Fund's common stock and auction preferred stock approved the proposal to liquidate and dissolve the Fund pursuant to a Plan of Liquidation.
001 per share ("Preferred Stock"), having an aggregate liquidation preference of up to $200,000,000 (excluding accrued and unpaid dividends, fees and expenses)(the "Maximum Tender Amount"), consisting of (i) Preferred Stock, designated Remarketed Preferred Stock, Series D ("Series D RP"), (ii) Preferred Stock, designated Remarketed Preferred Stock, Series E ("Series E RP"), (iii) Preferred Stock, designated Auction Preferred Stock, Series TH ("Series TH APS"), and (iv) Preferred Stock, designated Auction Preferred Stock, Series F ("Series F APS" and, together with the Series D RP, the Series E RP and the Series TH APS, the "Preferred Shares").
On February 23, 2010, the holders of the Fund's common stock and auction preferred stock ("APS") were asked to consider and vote together upon a proposal to liquidate and dissolve the Fund pursuant to a Plan of Liquidation (the "Liquidation Proposal").
will redeem all 4,000 outstanding shares of its Auction Preferred Stock, Series T, liquidation preference $25,000 per share (CUSIP: 23325P864).
The Company will continue to monitor the market and hold its original investments in FHLMC preferred stock and FNMA and FHLMC auction preferred stock.
On August 12, 2009, the holders of the Fund's common stock and auction preferred stock ("APS") were asked to: (i) elect four directors; (ii) consider and vote upon a new advisory and administration contract between the Fund and UBS Global Asset Management (Americas) Inc.