PLYMOUTH, Minn., June 30 /PRNewswire-FirstCall/ -- The Mosaic Company announced today that all of its outstanding 7.50% Mandatory Convertible Preferred Shares ("Preferred Shares") and Class B Common Stock ("Class B Common") will automatically convert into shares of Mosaic common stock ("Common Stock") on July 1, 2006.
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The Mosaic Company currently has outstanding 2,750,000 Preferred Shares that will automatically convert into 17,721,000 shares of Common Stock at a conversion rate of 6.4440 shares of Common Stock per each Preferred Share. Mosaic currently has outstanding 5,458,955 shares of Class B Common, all of which is held by Cargill Fertilizer, Inc., a wholly-owned subsidiary of Cargill, Incorporated, which will automatically convert into 35,177,450 shares of Common Stock. Terms of conversion of the Preferred Shares and Class B Common are governed pursuant to their respective certificates of designation. Currently, Mosaic has 384,395,848 shares of Common Stock outstanding and this total will increase to 437,294,298 shares on July 1, 2006 following the conversion of the Preferred Shares and Class B Common.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. For the global agriculture industry, Mosaic is a single source of phosphates, potash, nitrogen fertilizers and feed ingredients. More information on the company is available at http://www.mosaicco.com/.
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