Iron Mountain to issue 17M shares of common in connection with special dividend Iron Mountain announced that it will issue 17.04M new shares of its common stock in connection with the payment of the company's previously announced special dividend of $700M, or approximately $4.06 per share. The Special Dividend represents a significant part of the distribution that would eventually be required should the company successfully convert to a real estate investment trust, or REIT. The Special Dividend is payable on November 21 to stockholders of record as of the close of business on October 22.
News For IRM From The Last 14 Days
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Iron Mountain downgraded at RW Baird As previously reported, Baird downgraded Iron Mountain to Neutral from Outperform. The firm expects the REIT conversion will require significant capital commitments due to the high dividend, which will leave little capital for larger growth investments. Additionally, the analyst believe equity dilution risk is not fully appreciated. Price target lowered to $39 from $40.