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June 20, 2005, 6:50 a.m. EDT

TGC approves redemption off outstanding preferred stock

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By Kabir Chibber

LONDON (MarketWatch) -- TGC Industries Inc. , which provides 3-D seismic services to oil companies, said the board has approved the redemption of all of its currently outstanding preferred stock. The redemption price will be $7.20 a share, consisting of $5 a share, plus a premium of 40% per share, and the entitlement to receive the regular 20-cent dividend for the first half of the year. With only 5,250 shares of preferred stock currently outstanding, the company said it can eliminate unnecessary administrative expenses by redeeming the stock.

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