INVG declares special dividend and authorizes tender offer.SAN FRANCISCO--(BUSINESS WIRE)--Dec. 20, 1995--INVG Mortgage Securities Corp. (OBB OBB Oberbayern (German: Upper Bavaria) OBB Oriented Bounding Box (computer physics simulation collision detection) OBB Old Blue Box (Ragnarok Online Game) :INVG INVG Ingolstädter Verkehrsgesellschaft mbH (Ingolstadt, Germany bus operator) INVG Improved Night Vision Goggles ), a holding company of issuers of collateralized mortgage obligations Collateralized mortgage obligation (CMO) A security backed by a pool of pass-through rates , structured so that there are several classes of bondholders with varying maturities, called tranches. , reported that its board of directors has taken the following actions: 1. Declared a Special Dividend of $5 per share, payable on Jan. 29, 1996 to stockholders of record on Dec. 29, 1995. The Special Dividend is in addition to the quarterly dividend of $0.20 per share announced on Dec. 6, 1995 and payable on Jan. 16, 1996 to stockholders of record on Dec. 29, 1995; 2. Authorized the commencement of a Tender Offer for all of its issued and outstanding shares at a price of $5 per share. Information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Tender Offer is being forwarded to all stockholders of record. Kissel-Blake Inc. (800/554-7733) is handling the distribution of materials and is the Information Agent for the Tender Offer. The Tender Offer price of $5 per share is in addition to the Special Dividend of $5 per share; 3. Authorized the filing of Form 15 with the Securities and Exchange Commission, pursuant to which the shares of its common stock would be deregistered and its reporting obligations under the Securities Exchange Act of 1934 would be suspended. In addition, INVG announced that its subsidiary -- INVG Government Securities Corp. -- had elected to dissolve and liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the . Pursuant to this liquidation, the shares of all preferred stockholders of INVG Government would be redeemed and the remaining assets and liabilities would be transferred to INVG pursuant to a liquidating dividend Liquidating Dividend Payment by a firm to its owners from capital rather than from earnings. Notes: This isn't really a good thing. It would be preferable to have dividends come from earnings. . CONTACT: Healy Partners & Co. Maury Healy, 415/546-6166 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion