Board of Directors Vote to Temporarily Suspend Preferred Stock Dividend Payments
November 03 2003 - 10:46PM
PR Newswire (US)
Board of Directors Vote to Temporarily Suspend Preferred Stock
Dividend Payments SPOKANE, Wash., Nov. 3 /PRNewswire-FirstCall/ --
Metropolitan Mortgage & Securities Co., Inc.'s board of
directors determined today to temporarily suspend the payments of
monthly dividends on all series of the preferred stock issued by
the company. Dividends on the preferred stock of each series will
continue to accrue at the rates set forth in the statement of
rights with respect to each series. The dividend suspension is part
of the company's ongoing effort to conserve liquidity. The company
currently has cash of approximately $12 million and estimates its
cash needs over the next three months for operations and maturing
obligations to be approximately $27 million. The company is
pursuing certain transactions that it expects will satisfy its
liquidity needs for the next three months. However, there can be no
assurance the company will consummate the transactions. In
addition, because the company is currently unable to sell
securities publicly, which sales historically have been significant
sources of liquidity, the company is exploring other options to
improve its liquidity position. No assurances can be given that
these efforts will be successful. The company has engaged financial
advisors to assist it in evaluating its strategic options.
DATASOURCE: Metropolitan Mortgage & Securities Co., Inc.
CONTACT: Mary Keller of Source Metropolitan Mortgage &
Securities Co., Inc., +1-509-35-2811 Web site:
http://www.metmtg.com/
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