Hecla Declares Preferred B and Mandatory Convertible Preferred Stock Dividends.COEUR D'ALENE, Idaho Coeur d'Alene (IPA: [kɚ də liːn]) is the county seat and largest city of Kootenai County, Idaho, United States. -- Hecla Mining Company (NYSE NYSE See: New York Stock Exchange :HL) today announced that its Board of Directors has unanimously elected to declare the regular quarterly dividend of $0.875 per share on the outstanding Series B Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , for a total amount of approximately $138,000. The cash dividend is payable April 1, 2008, to shareholders of record on March 14, 2008. There are a total of 157,816 shares of Preferred B stock outstanding. The Board of Directors also unanimously elected to declare the first dividend on the outstanding 6.5% Mandatory Convertible Mandatory Convertible A type of convertible bond that has a required conversion or redemption feature. Either on or before a contractual conversion date, the holder must convert the mandatory convertible into the underlying common stock. 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. in the amount of $1.8597 per share, aggregating approximately $3.75 million. Because this first dividend covers a longer period of time (both the first quarter of 2008 and the portion of December 2007 after the original issuance of this stock), this payment is more than the regular quarterly dividend of $1.625 per share. The cash dividend is payable April 1, 2008, to shareholders of record on March 15, 2008. There are a total of 2,012,500 shares of 6.5% Mandatory Convertible Preferred stock outstanding. Hecla Mining Company, headquartered in Coeur d'Alene, Idaho, mines, processes and explores for silver and gold in the United States, Venezuela and Mexico. A 117-year-old company, Hecla has long been well known in the mining world and financial markets as a quality producer of silver and gold. Hecla's common and preferred shares are traded on the 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. under the symbols HL, HL-PrB and HL-PrC. Hecla's Home Page can be accessed on the Internet at www.hecla-mining.com. |
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