(COMTEX) B: ARCO Announces Redemption of Two Classes of Preference St
B: ARCO Announces Redemption of Two Classes of Preference Stock
CHICAGO, Mar 28, 2001 (Canada NewsWire via COMTEX) -- Atlantic Richfield
Company's Board of Directors today announced that it has elected to redeem all
of the outstanding $3.00 and $2.80 Preference Shares on April 27, 2001.
Shareholders of the $3.00 Cumulative Convertible Preference Stock will receive a
total cash payment equal to the market value of 22.304 BP American Depositary
Shares, as determined by the average NYSE closing prices for the BP ADSs on the
last four business days before the April 27th redemption date. The number 22.304
represents the number of BP ADSs into which each share of the $3.00 Preference
Stock is convertible through April 20, 2001.
Shareholders of the $2.80 Cumulative Convertible Preference Stock will receive a
total cash payment equal to the market value of 7.872 BP American Depositary
Shares, as determined by the average NYSE closing prices for the BP ADSs on the
last four business days before the April 27th redemption date. The number 7.872
represents the number of BP ADSs into which each share of the $2.80 Preference
Stock is convertible through April 20, 2001.
The Notice of Redemption, Election and Transmittal Forms, and details for
claiming the redemption payment have been mailed to shareholders as of today,
March 28. The First Notice of Redemption has also been placed in the Wall Street
Journal along with other regional papers today.
Both classes of Preference Stock will cease trading on the New York Stock
Exchange at the end of trading on April 26, 2001, the day prior to the
Redemption Date.
/Web site: bp.com; bp.com
CONTACT: For further information: Media - Ian Fowler, 212-451-8008, o
Investor
Relations - Terry LaMore, 212-451-8034, both of BP Amoco
News release via Canada NewsWire, Toronto 416-863-9350
Copyright (C) 2001 CNW, All rights reserved
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KEYWORD: CHICAGO
INDUSTRY KEYWORD: OIL
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