Vectren Corp. (VVC) announced that it has exercised its rights under a forward sale agreement with an affiliate of J. P. Morgan Securities Inc. as part of its public offering of 4.6 million shares of common stock at $28.33.
Under terms of the agreement, an affiliate of J. P. Morgan Securities Inc., as the forward seller, borrowed and sold in the public offering 4.6 million shares of Vectren's common stock. Vectren had the right to elect physical or cash settlement within about two years of the date of the agreement.
The forward sale agreement was physically settled at approximately $27.14 per share, for aggregate net proceeds of approximately $124.9 million.
As of June 27, 2008, upon completion of the physical settlement of this transaction, Vectren had 80.98 million shares of its common stock outstanding.
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