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AMAX CALLS SERIES B PREFERRED SHARES; OMITS DIVIDEND ON COMMON

 NEW YORK, July 1 /PRNewswire/ -- AMAX Inc. (NYSE: AMX) today announced that its board of directors voted today to redeem all outstanding shares of AMAX's Series B convertible preferred stock on Sept. 1 1993. The directors also voted to omit the September quarterly dividend on the company's common shares.
 Based on the current call price of $50 per share, the total redemption price of the 234,566 outstanding shares of Series B convertible preferred stock will be $11.7 million. Each share will continue to be convertible at the option of the holder into 1.31004 shares of AMAX common stock until the close of business on Aug. 27, 1993. The regular quarterly dividend of $0.75 per share payable on the stock on Sept. 1, 1993 will be mailed on that date to holders of record at the close of business on Aug. 10, 1993. AMAX directors voted to omit the quarterly dividend on common shares because of the continuing impact of low aluminum and other metal prices.
 -0- 7/1/93
 /CONTACT: Jerry Cooper of AMAX, 212-856-5982/
 (AMX)


CO: AMAX Inc. ST: New York IN: MNG SU:

TS -- NY093 -- 7880 07/01/93 15:49 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:198
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