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Cogdell Spencer Announces Offering, Cuts Dividend

Stock quotes in this article: CSA  

CHARLOTTE, N.C. (AP) — Real estate investment trust Cogdell Spencer Inc. said Tuesday it will nearly double its shares outstanding through a stock offering and will slash its dividend.

Cogdell Spencer plans to sell 18 million shares of common stock. As of May 5, the company had roughly 19 million shares outstanding, according to a filing with the Securities and Exchange Commission.

Shares of the company fell on the news, losing 83 cents, or 19 percent, to $3.50 in aftermarket trading. Earlier, the stock finished the regular session up 4.3 percent at $4.33. ...

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