Below are press releases from companies with preferred stock and/or baby bonds outstanding-or just news of general interest.
News will be slow for the next 4-6 weeks until the 2nd quarter earnings season arrive.
Priority Income Fund Announces Declaration of Preferred Stock Distributions for June 2024
Two Virtus Closed-End Funds Announce Two Monthly Distributions: NCV, NCZ
NGL Energy Partners LP Announces $50 Million LP Common Unit Repurchase Program
Chatham Lodging Trust Declares Quarterly Common, Preferred Dividend
Global Medical REIT Inc. Board Declares 2024 Second Quarter Common and Preferred Dividends
Can you post BIPJ pricing?
Henry J – will get it today and any others I missed.
Posted this on Sadbox as well, but this SACH news is noteworthy IMO.
After over 1 year of CEO/Chairman also acting as Interim CFO (and signing off on the K Q forms) current VP Finance has been promoted to *Interim* CFO.
Not exactly a way to set him up to act independtly and make the tough calls with the support of the CEO now is it?
There is just something strange about this move.
How do you fill a post without any expectations? Names in a hat?
Not sure how it should normally be done.
Hi Gary,
Well this is the CFO of a public company. One might promote from internal candidates, one might use industry contacts or one might use an exec search firm. Promoting internally makes a lot of sense.
The issue here is that after the CEO held the CFO slot for over 1 year on an Interim basis – he then filled the CFO slot with the existing VP of Finance on an *Interim* basis.
To me that handicaps the CFO among his peers and direct reports. His position is interim and conditional. He clearly does not have the ful support of the CEO and BOD despite having served as VP Finance.
Meanwhile the firm has 2 tranches of baby bonds maturing in 2024 *and* is pushing the limits on their required asset coverage ratios ( I last calculated 168% when their lower limit is 150%). Their loan book is quickly deteriorating in terms of credit quality, they are not earning their common dividend and the common trades well below book value.
I just think it’s strange, and I think the company needs a CFO with full authority to make the tough calls. Maybe that’s the issue. Perhaps the CEO does not want anybody to make the tough calls…