Greenlight Company Presentation
How Do iPrefs Work?
o Each iPref has a face value of $50
o Each iPref pays a 4% annual dividend payable quarterly ($2 annually)
o For every share of Apple common stock you own, you will get one or more
iPrefs at no cost to you
o You can keep it or sell it in the market - iPrefs will be listed and trade
independently from Apple common stock
iPref
$50 face value
Greenlight Capital, Inc.
استان
iPref
TALEN
4% dividend
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iPref
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Listed
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An iPref is a share of perpetual preferred stock. It has a face value of $50, and pays a dividend of $2
per year.
Apple can distribute iPrefs, tax-free and at no cost, to existing Apple shareholders.
Though Apple can redeem them for their face value, shareholders should not anticipate getting the
$50 from Apple. Theoretically, if Apple is ever wound down, iPref holders would receive $50 each
before common shareholders receive anything. But no one should expect either of those two things
to happen.
What iPref holders should expect is to receive $0.50 a quarter in dividends, every quarter, forever.
The iPrefs will be registered and listed. When Apple shareholders receive them, they can either keep
them for the future dividends or sell them into the market. We believe that the iPrefs will trade at
approximately face value, subject to future changes in long-term interest rates.
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