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MONY Confirms Record Date and Amount of Two Previously Announced Dividends.

NEW YORK -- The MONY Group Inc. (NYSE: MNY) today announced that the record date for the two previously announced dividends is immediately prior to the effective time of the merger with AXA Financial, Inc. Both dividends are contingent upon consummation of the merger with AXA Financial. MONY anticipates that the transaction will close at the beginning of the third quarter of 2004.

MONY had announced on February 5, 2004 a dividend in the aggregate amount of $12.5 million to shareholders of record of MONY's common stock immediately prior to the effective time of MONY's merger with AXA Financial. Based on an expected number of issued and outstanding shares of MONY common stock of 50,495,031 this dividend will be $0.24755 per share. On February 23, 2004, MONY and AXA Financial announced that they had amended their merger agreement to permit MONY to declare an additional dividend of $0.10 per share. Therefore, based on an expected number of issued and outstanding shares of MONY common stock upon consummation of the merger, MONY stockholders who are holders of record immediately prior to the closing of the merger will receive dividends totaling $0.34755 per share in addition to the $31.00 per share merger consideration that AXA Financial has agreed to pay in the merger.

Forward Looking Statements

This release contains forward-looking statements concerning The MONY Group operations, economic performance, prospects and financial condition. Forward-looking statements include statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions and include all statements concerning The MONY Group's operations, economic performance, prospects and financial condition for 2004 and following years. The MONY Group claims the protection afforded by the safe harbor for forward-looking statements as set forth in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to many risks and uncertainties. Actual results could differ materially from those anticipated by forward-looking statements due to a number of important factors including the following: satisfaction of the closing conditions set forth in the merger agreement among The MONY Group, AXA Financial, Inc. and AIMA Acquisition Co., including regulatory approvals; a significant delay in the expected completion of the contemplated merger; The MONY Group could experience losses, including venture capital losses; The MONY Group could be subjected to further downgrades by rating agencies of our senior debt ratings and the claims-paying and financial-strength ratings of our insurance subsidiaries; The MONY Group could be required to take a goodwill impairment charge relating to its investment in Advest if the market deteriorates; The MONY Group could have to accelerate amortization of deferred policy acquisition costs if market conditions deteriorate; The MONY Group could be required to recognize in its earnings "other than temporary impairment" charges on its invested assets if market conditions and/or if the issuers' financial condition deteriorates; recent improvements in the equities markets may not be sustained into the future; actual death-claim experience could differ from The MONY Group's mortality assumptions; The MONY Group could have liability from as-yet-unknown litigation and claims; larger settlements or judgments than we anticipate could result in pending cases due to unforeseen developments; and changes in laws, including tax laws, could affect the demand for The MONY Group's products. The MONY Group does not undertake to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

About The MONY Group Inc.

The MONY Group Inc. (NYSE: MNY), with approximately $60 billion in assets under management and administration, provides life insurance, annuities, mutual funds, brokerage, asset management, business & estate planning, trust and investment banking products and services to individual and institutional clients through several member companies. The MONY Group focuses primarily on offering customized financial solutions through multiple distribution channels, including a career network, brokerage general agencies, financial advisors, brokers, and other complementary channels. The MONY Group's ( member companies include The Advest Group, Inc., MONY Life Insurance Company, MONY Life Insurance Company of America, Matrix Capital Markets Group Inc., Enterprise Capital Management, Inc., U.S. Financial Life Insurance Company, MONY Securities Corporation.
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Publication:Business Wire
Geographic Code:1USA
Date:Jun 21, 2004
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