Headlines of Interest

4 thoughts on “Headlines of Interest”

1. Two quarters in a row for SOHO…..yipee.

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   1. You know I’m a SOHO preferred owner and they actually DIDN’T pay the Q1 preferred dividend (which should’ve been received on April 15th).

      Here’s what they said in their January press release:

      > Sotherly Hotels Inc. (NASDAQ: SOHO) (the “Company”) today announced that its Board of Directors has authorized payment of quarterly cash dividends for the Company’s Series B, Series C, and Series D Preferred Stock that were previously declared on January 27, 2020.

      Note the last part of that: the dividends paid on March 15th **were actually the ones declared back in 2020 but never paid**. So far as I can tell they skipped the dividends due 4/15.

      Weird, isn’t it?

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      1. Right now, they owe me 12 dividends, not subtracting the one that will be paid on 6/15, so I am happy to be getting anything from them.

         I guess there might be some technical reason for them designating which quarter they are paying, but that’s above my knowledge level.

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         1. They are supposed to give you two seats on the board at this point:

            If distributions on the Series B Preferred Stock are in arrears for six or more quarterly periods, whether or not consecutive, holders of shares of the Series B Preferred Stock (voting together as a single class with all other classes or series of Parity Stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote at a special meeting or at our next annual meeting of stockholders and each subsequent annual meeting of stockholders, for the election of two additional directors to serve on our board of directors (which we refer to as a preferred stock director), until all unpaid distributions and the distribution for the then current period with respect to the Series B Preferred Stock and any other class or series of Parity Stock have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment. In such a case, the number of directors serving on the board of directors will be increased by two members. The preferred stock directors will be elected by a plurality of the votes cast in the election to serve until our next annual meeting and until their successors are duly elected and qualified or until such directors’ right to hold the office terminates pursuant to the Termination Event (as defined below), whichever occurs earlier.

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