BioSource Preferred Shares Convert to Common Stock

BioSource International Inc. in Camarillo said its Series B preferred stock, owned by Genstar Capital LLC, was converted to common stock based on an agreement that triggered when the common stock was above $20 per share for 20 consecutive trading days on the Nasdaq exchange.

Genstar originally acquired 371,300 shares of the Series B stock on Feb. 15, with another 17,843 shares acquired since then. The preferred stock converted at a ratio of four common shares for every share of Series B stock, or more than 1.5 million shares of common stock.

As a result of the conversion, BioSource will record a noncash dividend of $2.7 million in the third quarter.

BioSource develops test kits and other products used in biomedical research, mainly in the areas of immunology, cancer and neurological disease. The company focuses its sales efforts on academic, industrial and governmental laboratories.