Riggs Rights Offering Wins Approval of SEC
WASHINGTON -- Riggs National Corp. said its registration of up to 11,445,000 common shares has been declared effective by the Securities and Exchange Commission.
For each common share of record Thursday, stockholders will receive 0.83 of a right. Rights holders may buy one share of common for every right they hold. The subscription price is $4.375 a share.
The offering has been delayed for months. Washington-based Riggs, which lost $65.5 million in the first nine months this year, has realty woes.
Chairman and chief executive Joe L. Allbritton, who controls 32.4% of the company's common stock, said he intends to exercise all rights issued to him.