Miller Energy Resources, Inc. (NYSE: MILL) (the “Company”) today announced it has completed and closed its previously announced public offering of 10.75% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred”). The Company issued 685,000 shares of the Series C Preferred stock at a price of $23.00 per share, yielding gross proceeds of $15.755 million. The underwriters for this offering included MLV & Co. and Maxim Group LLC, acting as Joint Book-Running Managers, and Williams Financial Group and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB:NHLD), as Co-Managers. The Series C Preferred will be traded on the New York Stock Exchange under the symbol MILLprC. The net proceeds will be used for general corporate purposes by the Company. The offering was made pursuant to the Company’s existing effective shelf registration statement, previously filed with the Securities and Exchange Commission (“SEC”) and a final prospectus supplement, filed with the SEC on September 28, 2012. Copies of the prospectus and accompanying prospectus supplement relating to these securities may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov or by written request to Miller Energy Resources, Inc., 9721 Cogdill Road, Suite 302, Knoxville, TN 37932. Alternatively, you may obtain these documents by contacting the underwriters at MLV & Co. LLC, 1251 Avenue of the Americas, New York, NY 10020, Attention: Randy Billhardt, Email: email@example.com; Telephone: (212) 542-5882 or Maxim Group LLC, 405 Lexington Avenue, 2nd FL, New York, NY 10174, Attention Paul LaRosa, Email: firstname.lastname@example.org; Telephone: (212) 895-3695. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
In trading on Tuesday, shares of Miller Energy Resources, Inc.'s 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock were yielding above the 17% mark based on its quarterly dividend (annualized to $2.625), with shares changing hands as low as $15.25 on the day. This compares to an average yield of 15.24% in the "Oil & Gas Exploration & Production" preferred stock category, according to Preferred Stock Channel.
The most recent short interest data was recently released by the NASDAQ for the 11/28/2014 settlement date, and Miller Energy Resources, Inc. is one of the most shorted stocks of the Russell 3000, based on 16.60 "days to cover" versus the median component at 6.85.