Anworth dividend payout triggers conversion rate change on preferreds

By Marisa Wong

Madison, Wis., Oct. 8 - Anworth Mortgage Asset Corp. said that the conversion rate on its 6.25% series B cumulative convertible preferred stock will be adjusted to 3.3564 common shares from 3.2990 shares, effective Oct. 12.

The conversion rate is adjusted if a cash dividend payout during any quarterly fiscal period to stockholders results in an annualized stock dividend yield greater than 6.25%, which is the dividend yield on the series B preferreds, according to a press release.

As previously announced, on Sept. 30 the board of directors declared a quarterly common stock dividend of $0.23 per share payable on Oct. 27 to holders of record as of the close of business on Oct. 11.

Anworth is a Santa Monica, Calif., mortgage real estate investment trust that invests primarily in securities guaranteed by U.S. government-sponsored agencies.

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