Lenfest buys Environmental Tectonics preferred shares
Environmental Tectonics Corp. of Southampton said today that H.F. "Gerry" Lenfest agreed to buy 3,300 shares of the company's newly created Series C preferred stock for $3.3 million.
Environmental Tectonics Corp. of Southampton said today that H.F. "Gerry" Lenfest agreed to buy 3,300 shares of the company's newly created Series C preferred stock for $3.3 million.
The stock, which will convert to common stock at $3.03 per share after five years, carries an annual dividend rate of 10 percent. The conversion price equals ETC's closing price last Wednesday, the day before the Lenfest purchase.
Lenfest, a member of the company's board, is a Philadelphia philanthropist who made his money in the cable television industry.
ETC develops and maintains aircrew training systems, public entertainment systems, process simulation systems, and environmental testing and simulation systems. Its shares were up 20 cents this morning to $3.50 on the American Stock Exchange.