Terms of Rights Offering
BankAtlantic Bancorp, Inc. / quotes/comstock/13 *! BBX / quotes / nls / BBX (BBX 1.56, 0.07, 4.70%) (the “Company”) announced today that it has set a subscription price of $ 1.50 per share for their rights and announced offering of up to $ 25 million of its Class A Common Stock Early in the rights offering, the company will distribute the subscription rights is not transferable to purchase shares of its class a common stock to each holder of shares of Class A and Class B Common Stock at the close of business on June 14, 2010 The record date for rights offering. The number of subscription rights for distribution for each outstanding share of the class of the Company Common Stock and Class B ordinary shares is determined by the total number of shares outstanding at the close of business on the date of registration. The Company will not be a matter of fractional subscription rights, but the number of subscription rights for each shareholder is entitled will be rounded to the nearest whole number.
Each whole subscription right will entitle the holder to subscribe for a class action the company’s Common Stock at the subscription price of $ 1.50 per share. This is known as the basic subscription right. Rights holders who choose to exercise their basic subscription rights in full will also have a subscription option under which they may request to purchase on the same $ 1.50 per share subscription price, additional shares class of the company’s common shares remain discharged until after the expiration of the rights offering. Any over-subscription request will be subject to acceptance by the Company, the availability of the shares of the Class of the Company Common Shares after giving effect to any exercises in the basic subscription rights and allocation of the remaining shares from all holders of rights whose excess demand Applications are accepted by the Company. The Company may reject the over-subscription requests if it determines that the issuance of shares of Class A common stock at a right holder would jeopardize or limit the company’s ability to utilize its net operating losses available to offset future taxable income.
Education Award Announced
BankAtlantic, Florida’s Most Convenient Bank announced that Patricia Lefebvre, its EVP and Chief Retail Banking Executive, was honored by The Education Fund of Miami-Dade County.
“Patricia has been a dedicated volunteer and board member for many years. Her hard work, dedication, and energy have played a large role in helping The Education Fund reach thousands of students in the public education system,” said Linda Lecht, President of The Education Fund.
“BankAtlantic is a strong believer in the role educations plays in a child’s life. We applaud Patty for this well-deserved recognition and will continue to support her efforts as well as the success of The Education Fund and their 25 years in the community,” stated Jarett Levan, CEO of BankAtlantic.