Form 4: Glencore Plans Preferred Stock Conversion in Century Aluminum

Glencore International AG filed a Form 4 reporting a planned conversion of 28.48 shares of Series A Convertible Preferred Stock into 2,848 shares of Century Aluminum Co. common stock on September 30, 2025.

Summary

• Glencore International AG, along with its subsidiaries Glencore AG and Glencore plc, collectively a 10% owner and having director representation in Century Aluminum Co. (CENX), has filed a Form 4.
• The filing reports a pre-planned conversion of 28.48 shares of Series A Convertible Preferred Stock into 2,848 shares of Century Aluminum Co. Common Stock.
• This transaction is scheduled to occur on September 30, 2025, and is being made pursuant to a Rule 10b5-1 plan.
• Each share of Series A Convertible Preferred Stock is convertible into 100 shares of Common Stock.
• Following this planned conversion, Glencore entities will indirectly beneficially own 12,557,356 shares of Common Stock and directly own 27,500,000 shares of Common Stock, totaling 40,057,356 shares of Common Stock.
• Glencore entities will also indirectly beneficially own 49,485.91 shares of Series A Convertible Preferred Stock after the conversion.

Sentiment

Score: 6

Explanation: The planned conversion of preferred stock to common stock by a significant shareholder like Glencore generally indicates a continued commitment and potentially a positive long-term outlook on the issuer's equity, though it's a routine transaction for convertible securities.

Positives

• The planned conversion of preferred stock to common stock by a major shareholder like Glencore indicates a continued, long-term commitment to Century Aluminum Co.'s equity.
• The transaction is pre-planned under a Rule 10b5-1 plan, suggesting a structured and deliberate approach to managing their investment.

Future Outlook

The filing indicates a pre-planned conversion of preferred stock to common stock by Glencore, scheduled for September 30, 2025, under a Rule 10b5-1 plan. This suggests a structured approach to managing their investment in Century Aluminum Co.

Industry Context

Glencore, a global diversified natural resource company, is a significant shareholder in Century Aluminum Co., an aluminum producer. This planned conversion reflects Glencore's ongoing strategic involvement and investment in the aluminum sector.

Related Party Transactions

• Glencore International AG, Glencore AG, and Glencore plc are 10% owners and have director representation in Century Aluminum Co., making this a related party transaction.

Stakeholder Impact

• Shareholders: The conversion will increase the number of common shares beneficially owned by Glencore, potentially signaling continued confidence. It also realizes the dilutive potential of the preferred stock into common stock.

Key Dates

Keywords

Glencore, Century Aluminum, CENX, Form 4, Insider Transaction, Beneficial Ownership, Convertible Preferred Stock, Common Stock, Rule 10b5-1