STOCK PREFERRED
STOCK PREFERRED
Will Citigroup COMMON STOCK be diluted on the date of preferred stock conversion?
What date is the conversion of Citigroup stock from preferred
to common ?
Does the dilution of Citigroup stock happen exactly on the date
of preferred stock conversion ? and the stock price will be
marked down on that date as well ? or the current stock price
already reflects the dilution ? Thank you.
Citi has 5.45 billion common shares outstanding. It is offering to convert up to $27.5 billion of preferred shares held by “private” investors other than the U.S. government (like the government of Singapore and Prince Alwaleed) into common shares, at a conversion price of $3.25. That would create another 8.46 billion shares. For every dollar that is converted, the U.S. government will also convert one dollar of its preferred stock, up to $25 billion; that is the $25 billion from the first round of recapitalization back in October, which is paying a 5% dividend. (Fortunately someone realized we should convert that before converting the second chunk, which pays 8%.) That would create another 7.69 billion shares. So if everyone converts as much as possible, there will be 21.60 billion shares outstanding, of which the U.S. government will own 7.69, for an ownership stake of 36%, the number you read in the papers. (Actually, if the private investors convert exactly $25 billion and not $27.5 billion, the government would own 37%, but that’s a detail.) The other private investors would own 39%, and current shareholders would own 25%.
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