VVTV » Topics » Redeemable Preferred Stock

These excerpts taken from the VVTV 10-K filed Apr 16, 2009.
Redeemable Preferred Stock
 
As of January 31, 2009 the Company had 5,339,500 shares of Series A Redeemable Convertible Preferred Stock authorized, issued and outstanding. The Series A Preferred Stock was convertible into an equal number of shares of the Company’s common stock, subject to anti-dilution adjustments, has a mandatory redemption on the tenth anniversary of its issuance or upon a “change of control” at $8.29 per share, participates in dividends on the same basis as the common stock and has a liquidation preference over the common stock and any other junior securities. See Note 19 on subsequent events relating to the Series A Preferred Stock.
 
Redeemable
Preferred Stock



 



As of January 31, 2009 the Company had
5,339,500 shares of Series A Redeemable Convertible
Preferred Stock authorized, issued and outstanding. The
Series A Preferred Stock was convertible into an equal
number of shares of the Company’s common stock, subject to
anti-dilution adjustments, has a mandatory redemption on the
tenth anniversary of its issuance or upon a “change of
control” at $8.29 per share, participates in dividends on
the same basis as the common stock and has a liquidation
preference over the common stock and any other junior
securities. See Note 19 on subsequent events relating to
the Series A Preferred Stock.


 




These excerpts taken from the VVTV 10-K filed Apr 29, 2008.
Redeemable Preferred Stock
 
As discussed further in Note 13, in fiscal 1999, pursuant to an Investment Agreement between the Company and GE Equity, the Company sold to GE Equity 5,339,500 shares of its Series A Redeemable Convertible Preferred Stock, $0.01 par value for aggregate proceeds of $44,264,000 less issuance costs of $2,850,000. The preferred stock is convertible into an equal number of shares of the Company’s common stock and has a mandatory redemption after ten years from date of issuance at $8.29 per share. The excess of the redemption value over the carrying value is being accreted by periodic charges to equity over the ten-year redemption period.


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VALUEVISION MEDIA, INC. AND SUBSIDIARIES
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
Redeemable
Preferred Stock



 



As discussed further in Note 13, in fiscal 1999, pursuant
to an Investment Agreement between the Company and GE Equity,
the Company sold to GE Equity 5,339,500 shares of its
Series A Redeemable Convertible Preferred Stock,
$0.01 par value for aggregate proceeds of $44,264,000 less
issuance costs of $2,850,000. The preferred stock is convertible
into an equal number of shares of the Company’s common
stock and has a mandatory redemption after ten years from date
of issuance at $8.29 per share. The excess of the redemption
value over the carrying value is being accreted by periodic
charges to equity over the ten-year redemption period.





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Table of Contents





 




VALUEVISION
MEDIA, INC. AND SUBSIDIARIES



 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)


 




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