Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: THURSDAY, May 31, 1990 TAG: 9005310261 SECTION: BUSINESS PAGE: A-11 EDITION: METRO SOURCE: DATELINE: LENGTH: Short
This action will enable the utility to save the cost of borrowing two-thirds of its needed construction funds this year, said E.C. Dunbar, company president.
The company's 900 shareholders will be offered one right to buy a new share for each eight shares they own. The proposed price per share is $31, or $5 less than the last bid price of $36 on the stock market.
Roanoke Gas stock is seldom available on the market.
Dunbar said that given the $2-per-share annual dividend of each share of stock, the new offering will give shareholders a 6.45 percent yield on their investment.
The stock offering is subject to approval by the State Corporation Commission.
- Staff reports
by CNB