Charter Financial (OTC:CHFN) Moving Up the Ladder to Nasdaq
Charter Financial Corp. (OTC:CHFN), the holding company for CharterBank, announced yesterday that it has concluded its stock offering pursuant to its Stock Issuance Plan. The Company will sell 4.4 million shares of common stock at $7.78 per share, for gross proceeds of approximately $34.2 million. Of the 4.4 million shares sold, approximately 1.1 million shares were sold in the Subscription and Community Offerings, and approximately 3.3 million shares were sold in the Syndicated Community Offering. All shares sold in the offering, including the Subscription Offering, the Community Offering and the Syndicated Community Offering, will be sold at $7.78 per share.
The Company anticipates consummating the stock offering on September 29, 2010. The Company also expects that shares of its common stock will begin trading on the NASDAQ Capital Market under the symbol CHFN on September 29, 2010, and will no longer be quoted on the OTC Bulletin Board.
Stock certificates will be mailed as soon as possible after the completion of the offering. All subscribers in the subscription and community offerings who properly completed and timely submitted a stock order form will be allocated the amount of common stock that they requested. Subscribers who did not elect to have the difference between the $10.52 offering price and the $7.78 actual purchase price applied to the purchase of additional shares will receive a refund. Subscribers who did elect to purchase additional shares will receive the full number of whole shares that the funds submitted by them allow. Refunds will be issued in lieu of fractional shares, and will be based on the method of a subscriber's payment.
At the completion of the offering, the Company will cancel a number of shares of its common stock held by First Charter, MHC, the Company's mutual holding company, equal to the number of shares sold in the offering. Accordingly, the 18,672,361 outstanding shares of Company common stock will not increase as a result of the stock offering, and the percentage of the Company's outstanding common stock held by its current shareholders other than First Charter, MHC will not be diluted. First Charter, MHC's 84.9% ownership interest in the Company will be reduced to approximately 61.4%, with the remaining 38.6% owned by public shareholders.
Charter Financial Corporation is a savings and loan holding company and the parent company of CharterBank, a full-service community bank. Charter Financial Corporation is headquartered in West Point, Georgia, and operates 16 branches on Interstate highways in West Georgia and East Alabama.
For more information visit
http://www.worldmarketmedia.com/779/section.aspx/2453/post/overnight-trading-newsCharter Financial (OTC:CHFN) Moving Up the Ladder to Nasdaq
By: Ronald Russo
Review of Tahitian Noni International HOW TO MAKE MONEY AS A POET Most of These Years Money Scarcity can Upset Any of Us Genuine Chicken Coop Kits Will Save You Money and Provide Some of the Best Chicken Housing Possible Choosing the best BJJ Gi on a low budget Understand Financial Spread Trading Strategies And Trading Systems Derek Elliott – The key Trait for Financial Success as an Entrepreneur Very best Final Fantasy XIV Guide Determined - Chrono Final Fantasy 14 Guide Reviewed Money Tree Plant: A Fortune Maker PPC Report & Analysis PPC Budgeting How to Spend All That Money How To Make Money With These Simple Steps How You Can Survive The Current Recession Financial Statements