Key Developments: Adcare Health Systems Inc (ADK.A)

ADK.A on American Stock Exchange

4.09USD
26 Dec 2014
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Latest Key Developments (Source: Significant Developments)

AdCare Health Systems Inc declares quarterly dividend on Series A cumulative redeemable preferred stock
Monday, 9 Dec 2013 05:10pm EST 

AdCare Health Systems Inc:Declared a quarterly cash dividend payment on the Company's 10.875 percent Series A Cumulative Redeemable Preferred Stock , accruing from Oct. 1 through Dec. 31.Says the dividend on the Series A Preferred Stock will be payable on Dec. 31 to holders of record at the close of business on Dec. 20.Says the dividend payment will be $0.68 per share for the 450,000 shares of Series A Preferred Stock outstanding for the entire fourth quarter and $0.4833 per share for the 500,000 shares of Series A Preferred Stock issued on Oct. 28.Says the dividend payment is equivalent to an annualized 10.875 percent per share of the $25.00 per share stated liquidation preference.  Full Article

AdCare Health Systems Inc Completes Public Offering Of Series A Preferred Stock
Monday, 28 Oct 2013 04:02pm EDT 

AdCare Health Systems, Inc announced that it has closed a public offering of 500,000 shares of its 10.875% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a public offering price of $25.00 per share. The Series A Preferred Stock is listed on the NYSE MKT under the symbol "ADK.PRA." The shares of Series A Preferred Stock were sold in a "best efforts" underwriting. MLV & Co. LLC acted as Sole Book-Running Manager for the offering. GVC Capital LLC and Northland Capital Markets acted as Co-Managers. The net proceeds to the Company from the offering were approximately $11.2 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes.  Full Article

AdCare Health Systems Inc Prices Offering Of Series A Preferred Stock
Thursday, 24 Oct 2013 08:00am EDT 

AdCare Health Systems Inc announced that it has priced the underwritten public offering of its 10.875% Series A Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per share. Gross proceeds to the Company from the offering are expected to be $12,500,000. The closing of the offering is scheduled for October 28, 2013, subject to customary closing conditions. The Company intends to use the net proceeds from the offering to repay certain convertible promissory notes issued by the Company in October 2010 and for general corporate purposes. The Company's outstanding Series A Preferred Stock is listed on the NYSE MKT under the symbol 'ADK.PRA', and the Company has filed an application to list the shares of the Series A Preferred Stock to be sold in the offering on the NYSE MKT under the same symbol. MLV & Co. LLC is acting as Sole Book-Running Manager for the offering. GVC Capital LLC and Northland Capital Markets are acting as Co-Managers.  Full Article

AdCare Health Systems Inc Declares Quarterly Dividend On Series Cumulative Redeemable Preferred Stock
Monday, 9 Sep 2013 04:15pm EDT 

AdCare Health Systems Inc announced that its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.875% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock). The dividend on the Series A Preferred Stock will be payable on September 30, 2013 to holders of record at the close of business on September 20, 2013. The quarterly payment will be $0.68 per share, which is equivalent to an annualized 10.875% per share of the $25.00 per share stated liquidation preference, accruing from July 1, 2013. The Series A Preferred Stock is listed on the NYSE MKT LLC and trades under the symbol "ADK.PRA".  Full Article

Holzer Holzer & Fistel, LLC Announces Investigation Of AdCare Health Systems Inc
Monday, 5 Aug 2013 12:11pm EDT 

Holzer Holzer & Fistel, LLC announced that it is investigating potential shareholder claims on behalf of investors in Orthofix International NV, AdCare Health Systems Inc and TearLab Corp. The firm is investigating whether the companies complied with federal securities laws in issuing certain public statements.  Full Article

AdCare Health Systems Inc Declares Quarterly Dividend On Series A Cumulative Redeemable Preferred Stock
Friday, 7 Jun 2013 12:30pm EDT 

AdCare Health Systems Inc announced that its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.875% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock). The dividend on the Series A Preferred Stock will be payable on July 1, 2013 to holders of record at the close of business on June 20, 2013. The quarterly payment will be approximately $0.68 per share, which is equivalent to an annualized 10.875% per share of the $25.00 per share stated liquidation preference, accruing from April 1, 2013.  Full Article

AdCare Health Systems Inc Issues Q1 2013 Guidance Below Analysts' Estimates; Comments On Q1 2013 Charge Guidance
Friday, 17 May 2013 08:01am EDT 

AdCare Health Systems Inc announced that for first quarter of 2013, it expects revenues to range from $56.0-$59.0 million; Net loss to range from $1.1-$2.2 million. In connection with the restatement process and the Audit Committee's review and inquiry, the Company has incurred, and will continue to incur, significant professional services costs and other expenses which will be recognized as a special charge in the first and second quarters of 2013. The Company anticipates that this special charge will be material and, for the quarter ended March 31, 2013, will be in the range of $1.2 million to $1.5 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $68.51 million, net income of $0.27 million for first quarter of 2013.  Full Article

AdCare Health Systems Inc Appoints Ronald W. Fleming as Chief Financial Officer
Wednesday, 1 May 2013 04:01pm EDT 

AdCare Health Systems Inc announced that Ronald W. Fleming will join AdCare's senior management team as Chief Financial Officer, effective May 15, 2013. Mr. Fleming, a certified public accountant, has over 25 years' experience as a seasoned healthcare financial executive.  Full Article

AdCare Health Systems Inc Announces Resignation Of CFO-Form 8-K
Friday, 19 Apr 2013 04:07pm EDT 

AdCare Health Systems Inc reported in its Form 8-K that on April 15, 2013, Martin D. Brew resigned from his position as the Company‚Äôs Chief Financial Officer (CFO) and from all other officer positions with the Company and its subsidiaries.  Full Article

Harwood Feffer LLP Announces Investigation Of AdCare Health Systems Inc
Thursday, 18 Apr 2013 06:45pm EDT 

Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of AdCare Health Inc, concerning whether the board has breached its fiduciary duties to shareholders. In March 2013, the Company disclosed that it would need to restate its financial statements for 2012. On April 15, 2013, AdCare's Chief Financial Officer abruptly departed from the Company. The next day, the Company announced that it would not be able to timely file its Form 10-K for 2012. Then, on April 17, 2013, an entity controlled by AdCare director Christopher Brogdon, announced that it intended to commence a tender offer to obtain majority control of AdCare. The investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.  Full Article

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