SCOTTSDALE, Ariz., Sept. 19, 2013 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI) today announced that the Company's stockholders approved the right to convert the 665,754.3 shares of the Company's Series A Contingent Convertible Cumulative Redeemable Preferred Stock that were issued to TPG Aviator, L.P. in connection with its recent $135 million investment into 6,657,543 shares of the Company's common stock and TPG's pre-emptive rights to participate in future Company issuances of its common stock or securities convertible into or exercisable for its common stock, together with the related rights. Stockholders owning 72.6% of the shares entitled to vote on the proposal voted in person or by proxy, and the proposal passed with the support of 99.2% of those shares. TPG was not eligible to vote its shares on the conversion proposal. Following stockholder approval, the Company provided notice to convert TPG's preferred stock to common stock. After the conversion, the Company will have 22,000,809 shares of common stock issued and outstanding and no shares of preferred stock issued or outstanding, and TPG's shares of common stock will represent approximately 41.9% of the issued and outstanding shares.
"We are gratified that our stockholders view the investment by TPG as positively as the Board of Directors views it," said Roger A. Cregg, President and CEO of AV Homes. He went on to say that, "This conversion allows AV Homes, Inc. to continue to focus on executing its strategy as effectively and efficiently as possible."
AV Homes, Inc. is engaged in homebuilding, community development and land sales in Florida and Arizona. Its principal operations are conducted near Orlando, Florida and in the Phoenix, Arizona markets. The company builds communities that serve people of all ages including active adults 55+. AV Homes common shares trade on NASDAQ under the symbol AVHI.