VEREIT (VER) has announced they are redeeming another 6 million shares of the 6.70% cumulative preferred (VER-F).
Of course over the years this issue has been PARTIALLY redeemed many times–it was a giant issue to start–almost 43 million shares. With this new call outstanding shares should be in the 18 million shares area.
newman and bob caught this press release from the company 90 minutes agO and posted in the Reader Initiated Alerts page.
Investors had a chance to sell in the $25.70 area a few days ago. I had bought last time there was a partial redemption down around $25–but took a nice profit (2% I think) a few weeks or so later.
Shares are now trading around $25.26.
I have a low ball order in just in case someone wants to panic and give me a few shares.