ORLANDO, Fla., June 1, 2012 /PRNewswire/ -- Parkway Properties, Inc. (NYSE:PKY) (the "Company") announced today that the Company will hold a Special Meeting of its Stockholders (the "Special Meeting") on Tuesday, July 31, 2012, at 2:00 p.m. Eastern Time, on the 26th floor at the Buckhead Club, 3344 Peachtree Road NE, Atlanta, Georgia 30326. The record date for determination of stockholders entitled to vote at the meeting has been set as the close of business on Wednesday, June 13, 2012.
On May 3, 2012, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with TPG VI Pantera Holdings, L.P. ("TPG Pantera" or the "Investor"). Pursuant to the Securities Purchase Agreement, the Company agreed to sell to the Investor for an aggregate purchase price of $200 million (i) 4,300,000 shares of the Company's common stock, par value $0.001 per share, and (ii) 13,477,778 shares of the Company's newly authorized Series E Convertible Cumulative Redeemable Preferred Stock, par value $0.001 per share (the "Series E Preferred Stock"). The closing of this proposed investment (the "Investment") is expected to occur before the end of the second quarter. The closing is subject to satisfaction of certain customary closing conditions, including obtaining certain third-party consents.
At the Special Meeting, holders of shares of the Company's common stock (other than TPG Pantera) will be asked to consider and vote on a proposal to approve certain rights in connection with the Investment, in accordance with New York Stock Exchange rules and regulations (collectively, the "Equity Investment Rights Proposal"). In addition, holders of shares of the Company's common stock will be asked to consider and vote on a proposal to approve an amendment to the Company's Articles of Incorporation, as amended, to increase the number of authorized shares of capital stock in order to have additional capital stock available for future general corporate purposes (the "Authorized Stock Increase Proposal").
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV