CLEVELAND, Aug. 28 /PRNewswire-FirstCall/ -- Oglebay Norton Company (Pink Sheets: OGBY.PK) today announced that it has initiated the redemption of an additional 2,495,787 shares of its 14.8275% Series A Convertible Preferred Stock. Holders of called shares can either redeem their shares for cash of $14.02 per share or convert each preferred share into 1.2748 shares of common stock. The redemption date has been set for October 2, 2006. Conversions of called shares must be completed no later than 5:00 p.m. on September 25, 2006, in order to avoid redemption.
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Over the past several months, Oglebay Norton has initiated redemption of 3,327,268 shares of the preferred stock, the vast majority of which have converted to common stock. Currently, there are 7,874,184 shares of common stock outstanding and 5,025,667 shares of convertible preferred stock outstanding.
Oglebay Norton Company, a Cleveland, Ohio-based company with a 150-year tradition of service, provides essential minerals and aggregates to a broad range of markets, from building materials and environmental remediation to the energy and metallurgical industries. For more information, see http://www.oglebaynorton.com/.
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