American Financial Group, Inc. Announces the Continued Conversion Rights of Holders of Its Senior Convertible Notes
19 7월 2006 - 7:27AM
PR Newswire (US)
CINCINNATI, July 18 /PRNewswire-FirstCall/ -- American Financial
Group, Inc. (NYSE:AFG) Nasdaq announced today that holders of its
Senior Convertible Notes will continue to be entitled to convert
their notes to AFG common stock through September 30, 2006, as a
result of the trading value of AFG's common stock during June.
Under the Indenture governing the notes, holders may convert each
of their notes into 11.5016 shares of AFG common stock if, as of
the last day of any calendar quarter, the closing sale price of
AFG's common stock for at least 20 trading days in a period of 30
consecutive trading days, ending on the last trading day of such
calendar quarter, is more than 120% of the accreted conversion
price per share (currently $38.76 per share). During the 2006
second quarter, AFG's closing sale price met the specified
threshold, closing at $42.90 on June 30, 2006. The average closing
sale price during the month of June was $42.16 per share. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO) The
Indenture provides that the Company may elect to pay cash in lieu
of delivering shares of common stock to any holder electing to
convert. As previously disclosed, the Company intends to pay cash
upon conversion of the notes. Holders electing to convert are not
entitled to receive interest accrued since the last payment date.
Under the Indenture, the amount of cash to be paid for each note
upon conversion will be equal to 11.5016 times the average closing
sale price of the common stock for five consecutive trading days
following the Conversion Date for each holder. The date on which
the holder satisfies the conversion requirements is deemed the
Conversion Date. To convert a note, a holder must (a) complete and
manually sign the conversion notice (or complete and manually sign
a facsimile of such notice) and deliver such notice to the
Conversion Agent, (b) surrender the Security to the Conversion
Agent, (c) furnish appropriate endorsements and transfer documents
if required by the Conversion Agent, the Company or the Trustee and
(d) pay any transfer or similar taxes, if required. Holders may
obtain conversion notices from the Conversion Agent. The Conversion
Agent is: Corporate Trust Services U.S. Bank West Side Flats
Operations Center 60 Livingston Avenue St. Paul, MN 55107 Mail
Station-EP-MN-WS2N Attention: Lori Buckles Telephone: 651-495-3520
Fax: 651-495-8158 Email: Through the operations of the Great
American Insurance Group, AFG is engaged primarily in property and
casualty insurance, focusing on specialized commercial products for
businesses, and in the sale of retirement annuities and
supplemental insurance products. Forward Looking Statements This
press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements in this press release not
dealing with historical results are forward-looking and are based
on estimates, assumptions and projections. Examples of such
forward-looking statements include statements relating to: the
Company's expectations concerning market and other conditions and
their effect on future premiums, revenues, earnings and investment
activities; recoverability of asset values; expected losses and the
adequacy of reserves for asbestos, environmental pollution and mass
tort claims; rate increases and improved loss experience. Actual
results could differ materially from those expected by AFG
depending on certain factors including but not limited to: the
unpredictability of possible future litigation if certain
settlements do not become effective, changes in economic conditions
including interest rates, performance of securities markets, the
availability of capital, regulatory actions and changes in the
legal environment affecting AFG or its customers, tax law changes,
levels of natural catastrophes, terrorist activities, including any
nuclear, biological, chemical or radiological events, incidents of
war and other major losses, development of insurance loss reserves
and other reserves, particularly with respect to amounts associated
with asbestos and environmental claims, availability of reinsurance
and ability of reinsurers to pay their obligations, trends in
mortality and morbidity, competitive pressures, including the
ability to obtain rate increases, and changes in debt and claims
paying ratings.
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO
http://photoarchive.ap.org/ DATASOURCE: American Financial Group,
Inc. CONTACT: Anne N. Watson, Vice President - Investor Relations
of American Financial Group, Inc., +1-513-579-6652 Web site:
http://www.afginc.com/ http://www.greatamericaninsurance.com/
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