Summary
Ares Management Corporation (ARES) has announced the full redemption of its 7.00% Series A Preferred Stock. This action involves 12,400,000 outstanding shares, which will be redeemed on June 30, 2021. Investors holding these shares will receive a redemption price of $25.00 per share. Importantly, the redemption date coincides with a dividend payment date, meaning holders will receive the regularly scheduled $0.4375 per share dividend and no additional accrued dividends will be paid beyond that date. This redemption effectively terminates the Series A Preferred Stock as an outstanding security, and trading on the NYSE under the ticker ARES.PRA will cease after June 30, 2021. Investors should note that their rights as holders of this preferred stock will cease upon receipt of the redemption price and the final dividend payment.
Key Highlights
- 1Ares Management Corp. is redeeming all 12,400,000 outstanding shares of its 7.00% Series A Preferred Stock.
- 2The redemption is scheduled to occur on June 30, 2021.
- 3Each share will be redeemed at a price of $25.00.
- 4The redemption date is also a dividend payment date, meaning holders will receive the regular quarterly dividend of $0.4375 per share.
- 5No additional accrued dividends will be paid beyond the June 30, 2021 dividend payment.
- 6Upon redemption, the Series A Preferred Stock will no longer be outstanding, and all associated rights will terminate.
- 7Trading of the Series A Preferred Stock on the NYSE (ARES.PRA) will cease after the Redemption Date.