Global real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the mandatory conversion of all
outstanding shares of its series A preferred stock that were issued in
May and June of 2010.
The mandatory conversion date as set forth in the Company’s certificate
of designation of series A preferred stock is May 19, 2015. The
aggregate number of shares of the Company’s common stock that was issued
to affiliates of Fairfax Financial Holdings pursuant to this conversion
is 8,554,948 (approximately 85.55 shares of common stock per share of
series A preferred stock). The 6% series A dividends, totaling $6
million per year, will no longer accrue and be paid as of the mandatory
conversion date.
This release is neither an offer to sell nor a solicitation of an offer
to buy any securities of Kennedy-Wilson Holdings, Inc.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global real
estate investment and services company headquartered in Beverly Hills,
CA, with 25 offices in the U.S., U.K., Ireland, Spain, Jersey and
Japan. The company, on its own or with partners, invests
opportunistically in a variety of real estate related investments,
including commercial, multifamily, loan purchases and originations,
residential, and hotels. Kennedy Wilson offers a comprehensive array of
real estate services including investment management, property services,
auction, conventional sales, brokerage and research. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.
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