Regional Health Properties, 10.875% Series A Cumul Redeem Preferred Stock (RHE-A)
AMEX · · CUSIP 75903M200
This security has been delisted at the request of the issuer and is no longer trading, but to our knowledge is still paying distributions to holders. It may start trading on the OTC market, but to our knowledge it has not done so to date.
The reference information below — security type, terms, ratings and company profile — is retained for research. Current pricing is not available.
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Security Details

Coupon Rate
—
Liquidation Preference
$5.00
Call Price
$5.00
Call / Redemption Date
12/1/2017
Maturity Date
None
Distribution Period
Q
Rate Type
Fixed
Annual Distribution
0
Distribution Dates
—
Credit Ratings
Moody's NF · S&P NF (4/23/2023)
Tax-Advantaged Dividends
Yes

Security Profile

Security Type
Traditional Preferred Stock »
CUSIP
75903M200 (prev. 00650W409 )
Market Cap
Micro Cap
IPO
11/7/2012 · $23.00/share
Previous Symbol
ADK-A (changed 10/2/2017)
Previous Name
AdCare Health Systems, 10.875% Series A Cumulative Redeemable Preferred Stock
Parent Company
Regional Health Properties, Inc. (RHE*)
Business: Regional Health Properties, formerly AdCare Health Systems, 10.875% Series A Cumulative Redeemable Preferred Stock, liquidation preference <s>$25</s> $5 per share, redeemable at the issuer's option on or after 12/1/2017 at <s>$25</s> $5 per share and with no stated maturity.<p> <s>Cumulative distributions of 10.875% per annum ($2.7187 per annum or $0.679675 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be the tenth day prior to the payment date or on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). In the event that the shares are no longer listed on the NYSE, the AMEX or the Nasdaq exchanges, the dividend rate will be increased to 12.875% per annum. If there is a dividend default and dividends are accrued but not paid for any four quarterly periods, then, until the issuer has paid all accumulated and unpaid dividends in full: (i) the annual dividend rate will be increased to the 12.875% commencing on the first day after the missed fourth quarterly payment; and (ii) the holders of the Preferred Stock will have the voting rights. </s> There are no longer any distributions for this security. <p> <s> Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-27 of the prospectus for further information). </s> <p> Following a change of control of the company by a person or entity, the company or the acquiring entity will be required to redeem the preferred stock within 120 days for cash at $5 per share plus accrued and unpaid dividends. <p> In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, 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.
Notes: July 6, 2023 -- The terms of the Series A Preferred have changed. Filing for the Series A preferred Here https://www.sec.gov/ix?doc=/Archives/edgar/data/0001004724/000149315223023812/form8-k.htm February 28, 2022 -- Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHE-PA) (“RHE” or the “Company”), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, announced today that it has commenced an offer to exchange (the “Exchange Offer”) any and all of its outstanding 10.875% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Stock”) for newly issued shares of the Company’s 12.5% Series B Cumulative Redeemable Preferred Shares (the “Series B Preferred Stock”). In exchange for each share of Series A Preferred Stock properly tendered (and not validly withdrawn) prior to 11:59 p.m., New York City time, on March 28, 2022 (such time and date, as the same may be extended, the “Expiration Date”) and accepted by the Company, participating holders of Series A Preferred Stock will receive one share of Series B Preferred Stock. The Exchange Offer will expire on the Expiration Date, unless extended or earlier terminated by the Company. <p> November 9, 2017- Regional Health Properties, Inc. today reported results for the three and nine months ended September 30, 2017. In order to conserve cash while working towards a settlement, the Board has voted to postpone the payment of the fourth quarter dividend on the Series A Preferred Stock at this time. “The Board will revisit the dividend payment in the first quarter 2018 board meeting. The dividend suspension will allow the Company to pay outstanding vendors and fund ongoing legal expenses and settlement payments. Furthermore, the dividend suspension does not trigger a default under its outstanding indebtedness.” ____________ 10/11/2017 -- The company has issued a news release indicating they will be paying the December dividend, subject to the declaration by the board, which indicates that the issue has not been called. ____________ 10/2/2017 -- Scottrade has informed a QOL user that RHE-A will be called in December. We can find no other information to confirm the call but are assuming that the information is correct. ____________ Oct. 2, 2017 -- Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHEpA) announced today the successful completion of the previously announced merger with its former parent, AdCare Health Systems, Inc. The merger ensures the effective adoption of charter provisions restricting the ownership and transfer of the company's common stock. Adoption of these charter provisions positions the company to regain compliance with certain NYSE American continued listing standards regarding stockholders' equity and will better position the company to comply with certain U.S. federal income tax rules applicable to real estate investment trusts ("REITs") to the extent such rules apply to the company's common stock (if the company's board of directors determines in the future that qualifying for and electing REIT status would be in the best interests of the company and its shareholders in light of various factors, including the structural and operational complexities which would need to be addressed before the company could qualify as a REIT). As a result of the merger, among other things: (i) shareholders of AdCare automatically became shareholders of Regional Health Properties, which is the surviving company in the merger; and (ii) Regional Health Properties succeeded to the assets and assumed the liabilities of, and continues the business of, AdCare immediately prior to the merger. The common stock and 10.875% Series A Cumulative Redeemable Preferred Shares of Regional Health Properties will trade on the NYSE American under the symbols "RHE" and "RHEpA", respectively, commencing on October 2, 2017.

Company Contact

CEO
Brent Morrison
CFO
Ben Waites
Headquarters
454 Satellite Blvd. NW, Suite 100, Suwanee, GA 30024
Phone
678-869-5116
Fax
678-869-5123
Investor Relations
Brett Maas · 678-869-5116 · brett@haydenir.com
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