Chase Redeems 7-1/2% Cumulative Preferred Stock and Depositary Shares.NEW YORK--(BUSINESS WIRE)--May 27, 1998--The Chase Manhattan Corp. announced today that it will redeem its 7-1/2% Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. (New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. Series K), and all outstanding Depositary Shares, each representing one-quarter of one share of the 7-1/2% Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , on June 30, 1998. The redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. to be paid will be $25 per Depositary Share (or $100 per share of 7-1/2% Preferred Stock). Dividends will cease to accrue on the 7-1/2% Preferred Stock and the Depositary Shares from and after the June 30, 1998 redemption date. CONTACT: The Chase Manhattan Corp., New York Investors: John Borden, 212/270-7318 Press: Kathleen Baum, 212/270-5089 |
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