Dynex Capital, Inc. Updates Market on Status of Election of Preferred Directors.Business Editors/Real Estate Writers GLEN ALLEN, Va.--(BUSINESS WIRE)--Sept. 24, 2002 Dynex Capital, Inc. (NYSE NYSE See: New York Stock Exchange :DX) announced that the portion of the annual meeting for the election of the directors to be elected by the holders of the Company's preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. has been officially adjourned. The two incumbent preferred directors, Leon A. Felman and Barry Igdaloff, will remain the directors representing the preferred shareholders until the Company's next annual meeting or until their successors are otherwise duly elected. The Company had adjourned this portion of the meeting for a period of up to 120 days due to an inadequate number of shares present for a quorum. The annual meeting of preferred shareholders was officially adjourned at the end of the 120-day period without a sufficient number of shares voted to reach a quorum. As set forth in the Company's Articles of Incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. , as amended, the holders of the Company's 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. are entitled to elect two directors to the Board of Directors of the Company, each to serve until the earlier of (a) the date upon which (i) the consolidated shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of the Company at the end of any subsequent calendar quarter equals or exceeds 150% of the aggregate liquidation preference of the then outstanding preferred stock and (ii) quarterly dividends on the Series A, Series B and Series C preferred stock are current, or (b) the next annual meeting of the shareholders of the Company and until their successors are elected and duly qualified duly qualified Medical practice adjective Referring to the satisfactory completion of a residency program approved by the Accreditation Council for Graduate Medical Education. See Accreditation. . In addition, as previously reported, at the annual meeting the holders of the shares of the Company's common stock elected to the Board of Directors, J. Sidney Davenport, Thomas H. Potts, Barry S. Shein, Donald B. Vaden and Eric P. Von der Porten. Mr. Potts also serves as chairman. The chairman's authority is limited to serving as chairperson for Board meetings and the annual meeting of shareholders. Dynex Capital, Inc. is a financial services company that elects to be treated as a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) for federal income tax purposes. |
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