| Cliffs Natural Resources Inc. Announces Increase in Conversion Rate of Preferred Stock | |
| | |
|
, /PRNewswire/ -- (NYSE: CLF) today announced that, under the terms of its 7.00% Series A Mandatory Convertible Preferred Stock, Class A ('Series A preferred stock'), the final quarterly dividend will not be paid in cash. Instead, pursuant to the terms of the Series A preferred stock, the conversion rate will be increased such that holders of the Series A preferred stock will receive additional Cliffs common shares in lieu of the accrued dividend at the time of mandatory conversion of the Series A preferred stock on , 2016. In accordance with applicable law, Cliffs' board of directors determined not to declare a dividend payable in cash. The number of Cliffs common shares in the aggregate to be issued in lieu of the dividend is estimated to be approximately 1.26 million. This results in an effective conversion rate of .9052 common shares, rather than .8621 common shares, per depositary share, each representing one-fortieth of a share of Series A preferred stock.
About
is a leading mining and natural resources company in . The Company is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in and . Cliffs also operates an iron ore mining complex in . Driven by the core values of safety, social, environmental and capital stewardship, Cliffs' employees endeavor to provide all stakeholders operating and financial transparency. News releases and other information on the Company are available at http://www.cliffsnaturalresources.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cliffs-natural-resources-inc-announces-increase-in-conversion-rate-of-preferred-stock-300198801.html
SOURCE
|
|
|
CLIFFS Natural Resources
|
|
PRODUCER |
CODE : CLF |
ISIN : US18683K1016 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
CLIFFS Natural Res is a iron producing company based in United states of america. CLIFFS Natural Res produces iron, coal in Australia, in Brazil and in Canada, and holds various exploration projects in Canada. Its main assets in production are AUSTRALIAN IRON ORE, SONOMA, HIBBING TACONITE, NORTHSHORE MINE, UNITED TACONITE, OAK GROVE MINE, GREEN RIDGE MINE and PINNACLE MINE in Australia, WABUSH MINE and EMPIRE AND TILDEN MINES in Canada and AMAPA in Brazil and its main exploration properties are MT JACKSON J1 in Australia and DIAGNOS, WAWA, FREEWEST, MC FAULD'S LAKE, MACFADYEN, WAWA CLAIMS and BIG DADDY in Canada. CLIFFS Natural Res is listed in France, in Germany and in United States of America. Its market capitalisation is US$ 6.7 billions as of today (€ 5.9 billions). Its stock quote reached its highest recent level on May 16, 2008 at US$ 99.17, and its lowest recent point on January 15, 2016 at US$ 1.20. CLIFFS Natural Res has 297 400 968 shares outstanding. |