TAMPA, Fla., Feb. 18, 2014 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) today announced that it plans to voluntarily delist its 7% Series A, cumulative redeemable preferred shares (Nasdaq:HCIIP) from the NASDAQ Capital Market. The company says it expects to file form 25 with the U.S. Securities and Exchange Commission on Feb. 28, 2014 and delisting should occur within 10 days thereafter. Previously, on Feb. 4, 2014, HCI Group announced that the conversion privilege of the Series A preferred shares would be cancelled on April 1, 2014. Given that cancellation and the current quarterly common dividend rate of 27.5 cents per share versus a monthly preferred dividend rate of 5.833 cents per share, the company anticipates preferred share conversions to common shares will result in the number of preferred shareholders dropping below the number necessary to maintain a listing on the NASDAQ Capital Market.
February 21, 2014: Record date for common stock dividend of 27.5 cents per share
February 28, 2014: Date of filing S.E.C. form 25
March 3, 2014: Record date for Series A Preferred Stock dividend of 5.833 cents per share
April 1, 2014: Preferred share conversion rights cancellation date
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners' insurance, reinsurance, real estate and information technology services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 Index and S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." Its 7% Series A, cumulative redeemable preferred shares trade on the NASDAQ Capital Market under the ticker symbol "HCIIP." For more information about HCI Group, visit www.hcigroup.com
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions and are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in HCI Group, Inc.'s filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
CONTACT: Company Contact:
Kevin Mitchell, Vice President
of Investor Relations
HCI Group, Inc.
Tel (813) 405-3603
Investor Relations Contact:
Matt Glover or Michael KoehlerLiolios Group, Inc.
Tel (949) 574-3860
Source: HCI Group, Inc.