Georgia Amendment of terms of Class B preferred stock
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How to fill out Amendment Of Terms Of Class B Preferred Stock?
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FAQ
If the assessment results in an extinguishment, then the difference between the consideration paid (i.e., the fair value of the new or modified preferred stock) and the carrying value of the original preferred stock should be recognized as a reduction of, or increase to, retained earnings as a deemed dividend.
Preferreds technically have an unlimited life because they have no fixed maturity date, but they may be called by the issuer after a certain date. The motivation for the redemption is generally the same as for bonds?a company calls in securities that pay higher rates than what the market is currently offering.
Basically, when shares are bought back by the promoters they are extinguished (destroyed). These shares can be re-issued but after a period of time (normally 3 yrs).
Preferred shares are so called because they give their owners a priority claim whenever a company pays dividends or distributes assets to shareholders. They offer no preference, however, in corporate governance, and preferred shareholders frequently have no vote in company elections.
Redeemable preferred shares trade on many public stock exchanges. These preferred shares are redeemed at the discretion of the issuing company, giving it the option to buy back the stock at any time after a certain set date at a price outlined in the prospectus.
Pursuant to the Company's amended and restated certificate of incorporation (the "Charter"), class B shares generally may not be transferred until the Escrow Termination Date (as defined in the Charter).