Anworth dividend payout triggers conversion rate change on preferreds

By Susanna Moon

Chicago, July 9 - Anworth Mortgage Asset Corp. said the conversion rate will be 3.2990 common shares on its 6.25% series B cumulative convertible preferred stock beginning July 12, up from 3.2317 shares.

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.

The board declared a quarterly common stock dividend of $0.25 per share on June 30.

The board of directors declared a dividend of $0.390625 per preferred for the third quarter of 2010, which is payable on Oct. 15.

Anworth is a Santa Monica, Calif.-based real estate investment trust focusing on mortgage-backed securities and residential mortgage loans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.