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VCG Holding Corp. Restructures Certain Series A Preferred Stock Preferences and Relative Rights, which is Expected to Result in Approximately $750,000 in Annual Cash Savings.

Publication: Business Wire
Publication Date: 22-SEP-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
DENVER -- VCG Holding Corp. (AMEX: PTT)("VCG"), a leading owner, operator and consolidator of adult nightclubs, announced it has successfully restructured the dividend and conversion rate of its $9.47 million of Series A Convertible Preferred Stock. Specifically, the Series A preferred stockholders of the Company voted to reduce (i) the annual dividend rate from 18% to 10%, and (ii) the conversion price from $4.00 to $2.50 per share. The restructuring was finalized on September 16, 2005, by vote of the Series A preferred stockholders. Of the total 947,000 shares of Series A Preferred Stock outstanding as of September 16, 2005,...

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