Gladstone Land Corp., 6.00% Series B Cumulative Redeemable Preferred Stock - anybody own this CUSI | Preferreds Message Board Posts

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Msg  356 of 374  at  7/17/2019 12:12:59 PM  by

E_K_S

The following message was updated on 7/17/2019 12:20:54 PM.

 In response to msg 355 by  passandshoot
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Re: Gladstone Land Corp., 6.00% Series B Cumulative Redeemable Preferred Stock - anybody own this CUSIP?

There were two things; (1) extended Call date out to 2022 (but notice not manditory) over the LANDP issue.  (2) issues may/could be publically traded once all 6mln shares have been sold Or on termination date 1/2023.
 
 The Company intends to apply to list the Series B Preferred Stock on NASDAQ or another national securities exchange within one calendar year after the Termination Date
 
  
However saw this and now would not pay PAR $25.00
 
 
So issues may/could be redeemed by shareholder at $23.50 (6% discount to PAR) on/after Termination Date. Not sure if this is at the discretion of the shareholder AND/Or Company or just the shareholder.
If it is the shareholder's discretion then, would significantly lower the downside risk IMO.
 
FWIW, I own the LANDP preferred and as it sits now, that can be called any time at PAR so  that is only a 3.8% to PAR and yielding 6.1%.  Probably just hold those.
 
If/when these series B begin trading, might want to Buy at/near $23.50/share.  Currently no discovery on price.
 
EKS 
 
 
 


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Msg # Subject Author Recs Date Posted
357 Re: Gladstone Land Corp., 6.00% Series B Cumulative Redeemable Preferred Stock - anybody own this CUSIP? lumpygravy 3 7/17/2019 1:15:10 PM


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