This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank Of Hampton Roads Announces Closing Of Rights Offering

NORFOLK, Va., Sept. 27, 2012 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (Nasdaq:HMPR) (the "Company"), the holding company for The Bank of Hampton Roads ("BHR") and Shore Bank, today announced the closing of a common stock rights offering (the "Rights Offering") and standby purchase of shares not sold in the Rights Offering, in which it issued 64,287,848 common shares and raised $45,001,494 in additional capital.

Douglas J. Glenn, President and Chief Executive Officer of the Company and Chief Executive Officer of BHR, said, "The successful completion of this rights offering and the associated private placement reinforces the capital foundation of the Company, builds on the positive trends in our operations and financial results and provides additional support to our experienced team of community bankers as they focus on meeting the banking needs of the families and businesses in our markets. We remain sharply focused on continuing our positive momentum."

The Company issued 21,000,687 shares of common stock, at a price of $0.70 per share, to holders of its common stock who elected to participate in the Rights Offering. 

In connection with the Rights Offering, the Company entered into a Standby Purchase Agreement with the following entities or their affiliates or managed funds: The Carlyle Group, L.P., Anchorage Capital Group, L.L.C. and CapGen Capital Group VI LP (together, the "Investors"). The Standby Purchase Agreement provided that the Investors would not exercise their basic subscription rights and instead would purchase from the Company, at the subscription price, a portion of the shares, if any, up to an aggregate of 53,518,176 shares, not subscribed for in the Rights Offering. Pursuant to the terms of the Standby Purchase Agreement, the Investors purchased 43,287,161 shares of common stock at $0.70 per share. 

The Company will use the proceeds of the Rights Offering for general corporate purposes.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,601.08 -41.93 -0.25%
S&P 500 1,982.60 -6.27 -0.32%
NASDAQ 4,816.3440 -11.9810 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs