SEC Form 4 · accession 0001582244-16-000143
Corning Natural Gas Holding Corp · CNIG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
George J Welch
Director
Period of report
Jun 23, 2016
Accepted (ET)
Jun 27, 2016 · 12:49 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001582244
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| 6% Series A Cumulative Preferred StockF1,F3,F2 | Jun 23, 2016 | C | 600 | $25.00 | A | 600 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Series B Convertible Preferred StockF1,F3,F2,F4 | $20.75 | Jun 23, 2016 | C | 912 | A | Jun 23, 2016 | Sep 30, 2026 | Common Stock | 912 | 912 | D |
Explanation of responses
- F1Reporting Person received 10,272 shareholder subscription rights as a pro rata dividend to shareholders of record of the Issuer, Corning Natural Gas Holding Corporation ("Issuer" or "Holding Company") on April 14, 2016 ("Record Date"), with respect to the shares of common stock owned directly by Reporting Person on the record date. Each basic subscription right permitted the shareholder to purchase 1/8th share of Issuer's 6% Series A Cumulative Preferred Stock, par value $0.01 per share, for $25.00 for each full share or 1/6th share of Issuer's 4.8% Series B Convertible Preferred Stock, par value $0.01 per share for $20.75 for each full share.
- F2In connection with the transactions described in Note (1), Reporting Person exercised 4,800 basic subscription rights issued with respect to shares of common stock directly owned by Reporting Person to purchase 600 shares of Series A Cumulative Preferred Stock and 5,472 basic subscription rights issued with respect to shares of common stock directly owned by Reporting Person to purchase 912 shares of Series B Convertible Preferred Stock.
- F3Each share of Series B Convertible Preferred Stock is convertible at any time after issuance into one share of common stock, subject to adjustment under certain circumstances.
- F4Oversubscription rights were provided. The subscription rights expired on June 20, 2016 and shares of Series A Cumulative Preferred Stock and Series B Convertible Preferred Stock issued as of the close of business on June 23, 2016.