Recent

% | $
Quotes you view appear here for quick access.

Impac Mortgage Holdings Inc. Message Board

  • peristentone peristentone Aug 18, 2012 9:53 PM Flag

    Modified Prospectus Preferreds

    Does anyone have a link to the modified prospectus terms, per the exchange offer for preferreds that was done in 2009?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • TO OUR PREFERRED STOCKHOLDERS

      Concurrently with the Offer to Purchase, we are asking our preferred
      stockholders to approve the following amendments to the terms of each series
      of Preferred Stock:

      -- make future dividends, if any, non-cumulative;
      -- eliminate the restrictions on paying stock dividends on, or
      repurchasing, stock until preferred stock dividends are paid;
      -- eliminate the right of preferred stockholders to elect two directors if
      the Company does not pay dividends for six or more quarters;
      -- eliminate preferred stockholders' right to approve senior preferred
      stock; and

      -- eliminate the prohibition of redeeming less than all shares of preferred
      stock if preferred dividends are not paid.

      The $25.00 liquidation preference for each series of Preferred Stock is not
      being modified and will remain whether the tender offer is successfully
      completed or not. Plus, although we are also proposing to eliminate any
      liquidation premiums and the prohibition to redeem preferred stock prior to
      the fifth year from its original issuance, these preferred rights currently
      only apply to the Series C Preferred Stock, which has a $0.50 liquidation
      premium until, and can be redeemed beginning on, November 23, 2009. You should
      review the Offering Circular for further information about the proposed
      amendments.

    • TO OUR COMMON STOCKHOLDERS

      In order to complete the tender offer of the Preferred Stock successfully, we
      need approval from a majority of the outstanding shares of common stock on
      proposed amendments to the terms of each series of Preferred Stock.

      We have delivered a proxy statement for a special meeting of common
      stockholders to be held on June 23 seeking approval from the common
      stockholders on proposed amendments to the Preferred Stock terms. OUR BOARD OF
      DIRECTORS RECOMMENDS TO OUR COMMON STOCKHOLDERS THAT THE PROPOSED AMENDMENTS
      TO THE PREFERRED STOCK TERMS BE APPROVED SO THAT WE WILL BE ABLE TO USE OR
      PRESERVE CASH FOR OTHER PURPOSES IN CONNECTION WITH REBUILDING OUR BUSINESS.
      The proposed amendments include the following:

      -- make future dividends, if any, non-cumulative;
      -- eliminate the restrictions on paying stock dividends on, or
      repurchasing, stock until preferred stock dividends are paid;
      -- eliminate the right of preferred stockholders to elect two directors if
      the Company does not pay dividends for six or more quarters;
      -- eliminate preferred stockholders' right to approve senior preferred
      stock; and

      -- eliminate the prohibition of redeeming less than all shares of preferred
      stock if preferred dividends are not paid.

      The $25.00 liquidation preference for each series of Preferred Stock is not
      being modified and will remain whether the tender offer is successfully
      completed or not. If the holders of a majority of the outstanding shares of
      common stock do not approve the amendments to the Preferred Stock terms, then
      the tender offer will be terminated, even if 66 2/3% of the Preferred Stock is
      tendered. You should review the proxy statement for further information about
      the proposed amendments to the Preferred Stock terms. The special meeting is
      scheduled for June 23.

    • Impac Mortgage Holdings, Inc. Announces Update on Offer to


      Impac Mortgage Holdings, Inc. Announces Update on Offer to Purchase and
      Consent Solicitation

      PR Newswire

      IRVINE, Calif., June 17

      IRVINE, Calif., June 17 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings,
      Inc. (Pink Sheets: IMPM), a Maryland corporation, or the "Company," today
      announced, in connection with its Offer to Purchase and Consent Solicitation
      for its 9.375% Series B Cumulative Redeemable Preferred Stock (Pink Sheets:
      IMPHP) and 9.125% Series C Cumulative Redeemable Preferred Stock (Pink Sheets:
      IMPHO), that as of 5:00 p.m., New York City time, on June 16, 2009;

      -- Approximately 49% of the Preferred Stock have been tendered.


      OFFER TO PURCHASE PREFERRED STOCK

      We are offering to purchase all of the outstanding Preferred Stock as follows:

      -- $0.29297 per share of Series B Preferred Stock, and

      -- $0.28516 per share of Series C Preferred Stock.

      These amounts equal one-half of a quarterly dividend for each series. If we
      successfully complete the tender offer and obtain all the requisite preferred
      and common stockholder approvals, we will also contemporaneously pay to all
      preferred stockholders (whether the shares are tendered or not) the
      accumulated and unpaid dividends from the past two quarters, which are $1.17
      per share for the Series B Preferred Stock and $1.14 per share for the Series
      C Preferred Stock. The per share total received for tendered shares will be:


      Series B: $1.46297

      Series C: $1.42516

 
IMH
19.20+4.7800(+33.15%)Apr 24 4:00 PMEDT