Aimco (AIV) Announces 11.04M Offering; 2.04M in Secondary
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Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it has commenced a public offering of 11,041,934 shares of its common stock, consisting of 9,000,000 shares to be sold by Aimco and 2,041,934 shares to be sold by selling stockholders. Aimco intends to use the net proceeds from its offering of common stock, along with available cash, to redeem all outstanding shares of its Class U Cumulative Preferred Stock.
The secondary shares are being sold by Aimco's Chairman and Chief Executive Officer, Terry Considine, and a Considine family partnership, and are the result of near-term expiring options (granted in 2003 and 2004 as part of his annual compensation) that he will exercise in connection with this offering. The options being exercised have a weighted average exercise price of $23.01 per share. The proceeds to Mr. Considine and his family partnership, net of the aggregate option exercise price, are expected to represent approximately 9% of the total value of Mr. Considine’s beneficial ownership in Aimco (based on current market prices and the spread value of remaining options).
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The secondary shares are being sold by Aimco's Chairman and Chief Executive Officer, Terry Considine, and a Considine family partnership, and are the result of near-term expiring options (granted in 2003 and 2004 as part of his annual compensation) that he will exercise in connection with this offering. The options being exercised have a weighted average exercise price of $23.01 per share. The proceeds to Mr. Considine and his family partnership, net of the aggregate option exercise price, are expected to represent approximately 9% of the total value of Mr. Considine’s beneficial ownership in Aimco (based on current market prices and the spread value of remaining options).
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