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Article: WPS Resources Corporation Settles Equity Forward Agreement.
- Article from:
- PR Newswire
- Article date:
- May 10, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREEN BAY, Wis., May 10 /PRNewswire-FirstCall/ -- WPS Resources Corporation announced today that it has exercised its rights under a forward sale agreement with an affiliate of J. P. Morgan Securities Inc. that was entered into in November 2005 as part of its public offering of 4,600,000 shares of common stock at $53.70. Under terms of the agreement, J. P. Morgan (as agent for its affiliate), as the forward purchaser borrowed and sold 2,700,000 shares, or 58.7% of the November 2005 public offering, of WPS Resources common stock. WPS Resources had the right to elect physical or cash settlement of the forward sale agreement within approximately one year of the date of ...