Virtus Investment Partners Converts Preferred Shares

Aug 09, 2010, 09:34 ET from Virtus Investment Partners, Inc.

HARTFORD, Conn., Aug. 9 /PRNewswire-FirstCall/ -- Virtus Investment Partners, Inc. (Nasdaq: VRTS), which operates a multi-manager asset management business, today announced that it has converted 9,783 shares of its outstanding 8% Series B Convertible Preferred Stock into 378,446 shares of common stock.

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On August 2, Virtus issued notice to exercise its right to call 9,783 shares, or approximately 22 percent of the 45,000 outstanding convertible preferred shares held by Harris Bankcorp, a U.S. subsidiary of Bank of Montreal (TSX, NYSE: BMO).  Harris exercised its rights under the investment agreement with Virtus by electing to convert the 9,783 shares, and the value of undeclared dividends through August 6, into Virtus common stock.  The conversion to common shares does not affect any of Harris' rights under the investment agreement.  

Upon retiring the 9,783 preferred shares, outstanding preferred stock will decline by $9.8 million and Virtus will reduce its annual preferred dividend payments by approximately $0.8 million.

About Virtus Investment Partners

Virtus Investment Partners (Nasdaq: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors.  The company, which has $25.1 billion of assets under management as of June 30, 2010, provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process and individual brand.  Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs.  Additional information can be found at


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SOURCE Virtus Investment Partners, Inc.