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Drive Shack Inc | 9.75% Series B Cumulative Preferred Stock (NCT.PRB)
Prospectus excerpt: We are offering 2,500,000 shares of our 9.75% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock"). We will pay cumulative dividends on the Series B Preferred Stock from the date of original issuance in the amount of $2.4375 per share each year, which is equivalent to 9.75% of the $25.00 liquidation preference per share. Dividends on the Series B Preferred Stock will be payable quarterly in arrears, beginning on April 30, 2003. The shares of Series B Preferred Stock have no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any other securities. Holders of shares of Series B Preferred Stock will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters and in certain other events. Except in limited circumstances to preserve our status as a real estate investment trust, we may not redeem the Series B Preferred Stock until March 18, 2008. On or after March 18, 2008, we may, at our option, redeem the Series B Preferred Stock, in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid distributions, if any, to the redemption date. Any partial redemption will generally be on a pro rata basis. Full Prospectus PDF », NCT Page »
Series: | B | Alternate symbology: | NCT-B, NCT-PB, NCTprB | Redeemable?: | Yes | Call Date: | 3/18/2008 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 2,500,000 | Overallotment: | 375,000 | Liquidation Preference: | $25 | Original Coupon: | 9.75% | Pay Period: | Quarterly | Pay Dates: | 31-Jan, 30-Apr, 31-Jul, 31-Oct | CDx3 Compliance Rating: |
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Drive Shack is a real estate investment trust that invests in, and manages, a range of real estate related and other investments. Co. operates through the following segments: debt investments financed with collateralized debt obligations, other debt investments, and investment in golf properties and facilities. Co.'s investments include investments in commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities and Federal National Mortgage Association /Federal Home Loan Mortgage Corporation securities. As of Dec. 31, 2015, Co.'s Golf business included 86 properties in the U.S. that Co. leased, owned or managed. Preferreds: NCT.PRB, NCT.PRC, NCT.PRD Open the NCT Information Page »
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