St. Joseph, Inc. (STJO.OB) Exchanges Common for Preferred Stock
St. Joseph, Inc. reported that a large shareholder had agreed to convert their entire holding of Series A $3.00 convertible preferred stock to common shares. Owning 330,000 shares, the shareholder converted to common stock at a one for one exchange rate. The common stock will continue to pay dividends at a rate equal to the dividend on the preferred stock issue. The exchange represents 85% of the outstanding shares of the Series A $3.00 convertible preferred stock. Gerald McIlhargey, the President of St. Joseph, Inc. said, "The conversion by the largest shareholder of series A preferred stock is another in…