Depositary shares of CorEnergy’s 7.375% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred") trade on the OTC under the ticker “CORRL." The Company issued 2,250,000 depositary shares in an underwritten public offering on January 27, 2015.
Series A Preferred shares pay, if declared by the board of directors, an annual dividend of $1.84375 per depositary share, equivalent to 7.375% of the $25.00 liquidation preference. The dividends are payable quarterly, in arrears on or about the last day of February, May, August and November of each year, when, as and if declared by our board of directors.
CorEnergy’s Series A Preferred depositary shares may be redeemed on or after January 27, 2020, at the Company’s option, in whole or in part, at the $25.00 liquidation preference plus all accrued and unpaid dividends to, but not including, the date of redemption.
The depositary shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and are not convertible into any other securities of the Company except in connection with certain changes of control. Holders of the depositary shares generally have no voting rights, except for limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not consecutive) and in certain other circumstances.
For further information, please see our filings with the Securities and Exchange Commission.