AMERISAFE Inc. (AMSF) announced that it will redeem all 250 thousand outstanding shares of Series C and Series D Convertible Preferred Stock, effective December 31, 2009. The redemption price is $103.50 per preferred share, or a total of $25.875 million. The company will use available cash to fund the redemption.
The company said that, at any time prior to the redemption date, preferred shareholders are entitled to convert their shares into common stock. The 250 thosuand outstanding shares of preferred stock are convertible into 1,214,770 common shares. The redemption provides for a cash payment equivalent to $21.30 per common share.
Janelle Frost, AMERISAFE's Chief Financial Officer, said, "Redeeming the outstanding preferred stock has an effect similar to repurchasing 1,214,770 common shares. The redemption is beneficial for three principal reasons: the redemption is accretive to both earnings per share and return on equity in 2010 and later years; the redemption provides greater financial flexibility by eliminating the existing prohibition on paying cash dividends and repurchasing common stock without preferred shareholder consent; and the redemption simplifies our capital structure and financial reporting".
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