MIDL .... A Real Sleeper Message Board

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Microcap & Penny Stocks : MIDL .... A Real Sleeper

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To: Snodog who wrote (2242)	7/10/1998 1:57:00 AM
From: Kurt N	of 7039

I'd be a happy camper, even if it meant giving up the 10% dividend on the MIDLP mainly due to the circumstances that would have to happen in order for it not to be paid. There is a clause in the previous 10-k's, that requires a dividend to be paid on the preferred if certain conditions on Net Income AND Common stock price are not met for the fiscal year ending June 30th. Net Income requirement ($450k pre-tax earnings) clearly not met. That leaves the stock price requirement which probably will not be met. The common stock must trade above $2.50 for 20 consecutive days before August 15th. Stock must reach $2.50 by July 20th in order to have the 20 days. If it doesn't in combination with the income requirement then a 10% dividend on MIDLP must be paid. Kurt

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