Central Pacific Financial Corp. (CPF, Financial) filed Annual Report for the period ended 2010-12-31.
Central Pacific Financial Corp. has a market cap of $55.1 million; its shares were traded at around $26.88 with and P/S ratio of 0.2.
As previously announced and as part of the recapitalization, we also intend to commence a rights offering following the closing of the Private Placement and TARP Exchange whereby shareholders of record as of the close of business on the trading day immediately preceding the closing date will receive transferable rights to purchase newly issued shares of our common stock at a purchase price of $10.00 per share (after giving effect to the reverse stock split). The rights will provide for the purchase of up to $20.0 million of the Companys common stock by holders of such rights.
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Central Pacific Financial Corp. has a market cap of $55.1 million; its shares were traded at around $26.88 with and P/S ratio of 0.2.
Highlight of Business Operations:
During the past three months, we completed a number of key milestones as we pursued our previously announced plans to raise $325 million of new capital through the Private Placement. We entered into definitive agreements in November 2010 (which were later amended) with affiliates of each of The Carlyle Group (Carlyle) and Anchorage Capital Group, L.L.C (Anchorage and, together with Carlyle, the Lead Investors) pursuant to which each lead investor agreed to invest approximately $98.6 million in our common stock at a purchase price of $10.00 per share (after giving effect to the reverse stock split referred to below). In December 2010, we entered into separate subscription agreements with additional investors, including certain of our directors and officers and their affiliates, pursuant to which the additional investors have agreed to invest an aggregate of approximately $127.8 million in our common stock, which together with the investments of the Lead Investors, would aggregate to the $325 million of new capital that we are seeking, at a purchase price of $10.00 per share (after giving effect to the reverse stock split). We expect to enter into additional subscription agreements and amendments to the investment agreements and certain existing subscription agreements to finalize allocations of the $325 million capital raise in anticipation of satisfying all closing conditions. As a result of these amendments and new subscription agreements, we expect that each lead investor will be investing approximately $94.6 million and the other investors will invest the remaining amount of approximately $135.8 million.As previously announced and as part of the recapitalization, we also intend to commence a rights offering following the closing of the Private Placement and TARP Exchange whereby shareholders of record as of the close of business on the trading day immediately preceding the closing date will receive transferable rights to purchase newly issued shares of our common stock at a purchase price of $10.00 per share (after giving effect to the reverse stock split). The rights will provide for the purchase of up to $20.0 million of the Companys common stock by holders of such rights.
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