Key Developments: Artesian Resources Corp (ARTNA.O)
22.65USD
17 May 2013
$0.37 (+1.66%)
$22.28
$22.34
$22.88
$22.32
29,811
13,542
$24.43
$18.66
Latest Key Developments (Source: Significant Developments)
Artesian Resources Corporation Announces Pricing Of Public Offering Of Common Stock
Artesian Resources Corporation announced that it has priced a firm commitment underwritten public offering of 804,290 shares of the Company's Class A Non-Voting Common Stock at a purchase price of $18.65 per share for an aggregate gross offering amount of $15 million. The offering is expected to close on or about July 20, 2011, subject to customary closing conditions. The Company has also granted the underwriters a 30-day option to purchase up to 120,643 shares of Class A Non-Voting Common Stock to cover over-allotments, if any. Robert W. Baird & Co. Incorporated is acting as sole book-running manager and Boenning & Scattergood, Inc. and J. J. B. Hilliard, W. L. Lyons, LLC are serving as co-managers. Artesian intends to use the entire net proceeds to fund a paid-in capital contribution in the same amount to its principal subsidiary, Artesian Water Company, Inc. (Artesian Water). Artesian Water intends to use the paid-in capital contribution to repay short-term borrowings incurred primarily to finance expenses associated with its construction program and to fund capital expenditures and other general corporate purposes. Full Article
Artesian Resources Corporation Announces Common Stock Offering
Artesian Resources Corporation announced that it has commenced an underwritten public offering of approximately $15 million of its Class A Non-Voting Common Stock. The offering is expected to close on or about July 20, 2011, subject to customary closing conditions. The Company has also granted the underwriters an option to purchase up to an additional 15% of the amount sold to cover over-allotments, if any. Robert W. Baird & Co. Incorporated is acting as sole book-running manager and Boenning & Scattergood, Inc. and J. J. B. Hilliard, W. L. Lyons, LLC are serving as co-managers. Artesian currently intends to use the entire net proceeds to fund a paid-in capital contribution in the same amount to its principal subsidiary, Artesian Water Company, Inc. (Artesian Water). Artesian Water intends to use the paid-in capital contribution to repay short-term borrowings incurred primarily to finance expenses associated with its construction program and to fund capital expenditures and other general corporate purposes. These proceeds are expected to reduce Artesian Water's debt to total capitalization ratio. In addition, Artesian may utilize proceeds from this offering to adjust capitalization ratios in its other regulated subsidiaries. Full Article
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