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Condor Hospitality Trust, Inc., 10.0% Series B Cumulative Preferred Stock
Ticker Symbol: CDORO* CUSIP: 20676Y304 Previous CUSIP: 86852R306 Exchange: NGM
* NOTE: This security is no longer trading as of 4/15/2016
Security has been Called for: Friday, April 15, 2016
On March 16, 2016, Condor and SREP entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which Condor issued and sold 3,000,000 shares of Series D Stock to SREP on the same date for an aggregate purchase price of $30,000,000. The Stock Purchase Agreement required that $20,147,000 of the purchase price be deposited into an escrow account for purposes of effecting the redemption of the Series A Stock and Series B Stock and that the remaining amount of the purchase price be delivered to Condor. The Stock Purchase Agreement requires Condor to redeem all outstanding shares of the Series A Stock and Series B Stock. On March 16, 2016, Condor issued notices to redeem the Series A Stock and Series B Stock on April 15, 2016 as follows:
• all 803,270 outstanding shares of the Series A Stock (NASDAQ: CDORP; CUSIP No. 20676Y205) will be redeemed at the redemption price of $10.00 per share plus $2.084940 per share in accrued and unpaid dividends (plus compounded interest) through the redemption date; and
• all 332,500 outstanding shares of the Series B Stock (NASDAQ: CDORO; CUSIP No. 20676Y304) will be redeemed at the redemption price of $25.00 per share plus $6.354167 per share in accrued and unpaid dividends through the redemption date.
With notice given, and the redemption funds deposited in escrow, all rights of the holders of the holders of the Series A Stock and Series B Stock terminated, except the right to receive the redemption price. ____________ September 17, 2015 - Condor Hospitality Trust, Inc. announced today that it has cancelled its special meeting of shareholders scheduled. The company has also terminated its offer to exchange shares of the company's common stock for shares of the company's 8% Series A Cumulative Preferred Stock and 10% Series B Cumulative Preferred Stock. ____________ Aug 06, 2015 -- Condor Hospitality Trust, Inc. CDOR, formerly Supertel Hospitality, Inc., a real estate investment trust (REIT), announced today that it has commenced an offer to exchange shares of its common stock for each outstanding share of 8% Series A Cumulative Preferred Stock (CUSIP No. 20676Y205) and 10% Series B Cumulative Preferred Stock (CUSIP No. 20676Y304). In the exchange offer, the company is offering to exchange 5.38 shares of its common stock for each share of Series A preferred stock and 13.71 shares of its common stock for each share of Series B preferred stock, in each case, validly tendered and not withdrawn before the expiration date. The exchange offer will remain open until September 9, 2015, unless extended or earlier terminated by the company. The exchange offer is subject to the satisfaction of certain conditions._________ 07/20/15 -- Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), announced in a press release dated July 15, 2015 that it changed its name to Condor Hospitality Trust, Inc. effective as of July 15, 2015. Following the completion of Nasdaq procedures, commencing on July 21st, 2015, the company will begin trading under its new name, and the company's common shares, Series A preferred shares, and Series B preferred shares will begin listing under their new ticker symbols, CDOR, CDORP, and CDORO, respectively.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Condor Hospitality Trust, Inc., 10.0% Series B Cumulative Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/3/2013 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 10.0% ($2.50) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (CDOR)
IPO - 5/30/2008 - 320,000 Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: SPPRO Changed: 7/21/2015
Previous Name: SuperTel Hospitality Inc., 10.0% Series B Cumulative Preferred Stock Changed: 7/21/2015
Market Value $5.6 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 4800 Montgomery Lane, Suite 220, Bethesda, MD 20814 |
| Main Phone Number |
301-861-3305 |
| Fax Number |
Not Available |
| Investor Contact (CFO)
Jonathan J. Gantt
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301-861-3305
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| CEO - J. William Blackham |
CFO - Jonathan J. Gantt |
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