Steven S. Elbaum
Chairman and Chief Executive Officer
- EXPIRATION OF CONVERSION FEATURE OF THE ALPINE GROUP, INC. SERIES A CUMULATIVE CONVERTIBLE PREFERRED STOCK -
EAST RUTHERFORD, N.J., December 31, 2009, Market Wire/ -- On December 21, 2009, all unconverted shares of The Alpine Group, Inc. (APNI.PK) series A cumulative convertible stock, par value $1.00 per share(“Alpine Series A Preferred Stock”) ceased to be convertible in accordance with the terms of the Certificate of Designations therefor. At September 30, 2009, there were 12,159 shares of Alpine Series A Preferred Stock outstanding with an aggregate liquidation value of $4.6 million. As at December 21, 2009, 7,806 shares of Alpine Series A Preferred stock with an aggregate stated liquidation value of $3.0 million were converted into 5,799,931 shares of Alpine common stock, par value $0.10 per share (“Common Stock”) at the conversion rate of 743.01 shares of Common Stock per share of Alpine Series A Preferred Stock.
As a result of the foregoing conversions, at December 31, 2009, there were 17,334,672 shares of Alpine Common Stock and 4,353 shares of Alpine Series A Preferred Stock (with an aggregate liquidation value of $1.7 million) outstanding. All shares of Alpine Series A Preferred will be ratably redeemed by the Company on the last day of each quarter during the three-year period commencing on December 31, 2009 at the stated liquidation value of $380 per share, plus accrued interest. During the redemption period, all unredeemed shares of Alpine Series A Preferred Stock will continue to accrue cash dividends at the annual rate of $30.40 per share.The Alpine Group, Inc. (APNI.PK) has substantial experience in operating and actively managing companies in which it invests capital. Alpine has focused on industrial and other businesses that are underperforming, experiencing financial constraints and will benefit from operational improvements consolidation and an improved capital structure. Alpine has actively invested in and operated leading domestic and global manufacturers of specialty materials, coatings, wire and cable products and electronic components.