Ampal to convert all outstanding 4% and 6½% preferred stock

By Laura Lutz

Des Moines, July 19 - Ampal-American Israel Corp. will convert all outstanding shares of its 4% and 6½% cumulative convertible preferred stock on July 31 after receiving shareholder approval for the move.

Each share of Ampal's 4% cumulative convertible preferred stock will be redeemed for five shares of its class A stock plus $2.58 in cash, and each share of Ampal's 6½% cumulative convertible preferred stock will be redeemed for three shares of its class A stock plus $4.09 in cash.

The required conversion is allowed under amendments to Ampal's certificate of incorporation that have just been approved by shareholders, according to a company news release.

An additional $0.15 per share will be paid to holders who voted to approve the amendments.

Ampal also plans to seek a dual listing of its class A stock, which is currently traded on the Nasdaq, on the Tel Aviv Stock Exchange promptly following the conversion date.

Tel Aviv-based Ampal invests in Israeli energy, real estate, project development and leisure companies.

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