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CONVERTIBLE PREFERRED STOCK: | 12 Months Ended
--- | ---
Sep. 30, 2015
CONVERTIBLE PREFERRED STOCK |
CONVERTIBLE PREFERRED STOCK | 3. CONVERTIBLE PREFERRED STOCK: The Company had two series of convertible preferred stock outstanding at September 2015 as identified in the following table:
|  | Series A |  | Series B
Date of issuance: |  | June 17, 2004 |  | October 8, 2004
Optionally redeemable beginning |  | June 18, 2006 |  | October 9, 2006
Par value (gross proceeds): |  | $2,500,000 |  | $400,000
Number of shares outstanding at September 2015: |  | 100,000 |  | 16,000
Liquidation preference per share: |  | $25.00 |  | $25.00
Conversion price per share: |  | $30.31 |  | $24.65
Number of common shares to be issued upon conversion: |  | 82,481 |  | 16,227
Dividend rate: |  | 6.785% |  | 6.37%
The Series A Convertible Preferred Stock ("Series A") and Series B Convertible Preferred Stock ("Series B"), (collectively, the "Preferred Stock"), are convertible at any time by the holders into a number of shares of AMCON common stock equal to the number of preferred shares being converted multiplied by a fraction equal to $25.00 divided by the conversion price. The conversion prices for the Preferred Stock are subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Common Stock. Cumulative dividends for the Preferred Stock are payable in arrears, when, and if declared by the Board of Directors, on March 31, June 30, September 30 and December 31 of each year. In the event of a liquidation of the Company, the holders of the Preferred Stock are entitled to receive the liquidation preference plus any accrued and unpaid dividends prior to the distribution of any amount to the holders of the Common Stock. The shares of Preferred Stock are optionally redeemable by the Company beginning on various dates, as listed in the above table, at redemption prices equal to 112% of the liquidation preference. The redemption prices decrease 1% annually thereafter until the redemption price equals the liquidation preference, after which date it remains the liquidation preference. The Preferred Stock is redeemable at the liquidation value and at the option of the holder. The Series A Preferred Stock and 8,000 shares of the Series B Preferred Stock are owned by Mr. Christopher Atayan, AMCON's Chief Executive Officer and Chairman of the Board. The Series B Preferred Stock holders have the right to elect one member of our Board of Directors, pursuant to the voting rights in the Certificate of Designation creating the Series B. Christopher H. Atayan was first nominated and elected to this seat in 2004. The Company paid cash dividends of approximately $0.2 million during both fiscal 2015 and fiscal 2014 to Mr. Atayan related to his ownership of the Series A Convertible Preferred Stock and Series B Convertible Preferred Stock.

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