CUSIP No. 691543409
CUSIP No. 691543300
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13D
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Page 2 of 4 Pages
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1.
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NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas J. Herzfeld Advisors, Inc. 59-2414380
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [ ] (b) [ ] |
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS (see instructions)
OO |
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5.
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
Miami Beach, Florida |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7.
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SOLE VOTING POWER
968,172 |
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8.
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SHARED VOTING POWER
333,242 |
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9.
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SOLE DISPOSITIVE POWER
968,172 |
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10.
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SHARED DISPOSITIVE POWER
333,242 |
11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,301,414 |
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12.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(see instructions) [ ] |
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13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.05% |
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14.
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TYPE OF REPORTING PERSON (see instructions)
IA |
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CUSIP No. 691543409
CUSIP No. 691543300
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13D
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Page 3 of 4 Pages
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(a) | This statement is filed by Thomas J. Herzfeld Advisors, Inc. (the “Reporting Person”). |
(b) | The principal business address of the Reporting Person is 119 Washington Avenue, Suite 504 Miami Beach, FL 33139. |
(c) | The Reporting Person is a registered investment adviser. |
(d) | During the last five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); |
(e) | During the last five years, the Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result thereof were or are subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities law or finding any violation with respect to such laws; and |
(f) | The Reporting Person is a corporation organized under the laws of the State of Florida. |
(a) | The aggregate number of preferred stock to which this Schedule 13D relates is 1,301,414 common stock representing 23.05% of the 5,647,129 shares outstanding as reported by the issuer as of February 23, 2016. |
(b) | With respect to the shares of the preferred stock owned individually, the Reporting Person beneficially owns with sole power to vote and dispose of 968,172 shares of preferred stock, and has shared power to vote and dispose of 333,242 shares of preferred stock. |
(c) | Information with respect to transactions in the Securities which were effected within the past sixty days of since the most recent filing on Schedule 13D, whichever is less, by the Reporting Person is set forth below. |
Transaction Date
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Shares Purchased/Sold
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Price Per Share
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December 29, 2015
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2,689
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$23.95
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December 30, 2015
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300
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$23.91
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December 31, 2015
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5,100
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$24.03
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January 11, 2016
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-700
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$25.18
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January 15, 2016
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5,300
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$23.62
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January 20, 2016
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5,000
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$22.44
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January 21, 2016
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3,303
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$22.50
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January 25, 2016
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-260
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$22.39
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January 26, 2016
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242
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$22.21
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February 5, 2016
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3,437
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$22.24
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February 5, 2016
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-2,010
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$22.28
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February 8, 2016
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6,500
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$21.54
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February 8, 2016
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-16,906
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$21.72
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February 12, 2016
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-600
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$23.29
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Transaction Date
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Shares Purchased/Sold
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Price Per Share
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January 11, 2016
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-500
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$25.18
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January 15, 2016
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1,000
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$24.64
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January 19, 2016
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5,100
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$24.16
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January 20, 2016
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3,000
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$23.55
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January 21, 2016
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990
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$23.75
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January 25, 2016
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-190
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$23.66
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January 26, 2016
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3,000
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$23.31
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February 3, 2016
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923
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$23.13
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February 5, 2016
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3,000
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$22.55
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February 5, 2016
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-1,100
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$22.66
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February 8, 2016
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200
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$22.01
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February 8, 2016
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-6,880
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$22.50
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February 9, 2016
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741
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$22.48
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February 11, 2016
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2,000
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$23.55
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February 12, 2016
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-480
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$23.63
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February 23, 2016
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-3,000
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$24.89
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(d) | The owner of each of the Accounts individually has the right to receive and the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of the preferred stock. To date one owner of an Account holds more than 5% of the Issuer’s preferred shares. The Virtus Herzfeld Fund, an investment company registered under the Investment Company Act of 1940, as amended, owns 5.90% of the preferred class of stock. |
(e) | Not applicable. |
CUSIP No. 691543409
CUSIP No. 691543300
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13D
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Page 4 of 4 Pages
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March 3, 2016
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Date
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/s/ Erik M. Herzfeld
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Signature
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Erik M. Herzfeld, President
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Name/Title
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