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Microcap & Penny Stocks : Leah Industries, Inc. (OTC-BB-LEAH)
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To: Nicholas P. Acquaviva Jr. who wrote (2137)1/30/2000 12:04:00 AM
From: Vince Moretto  Read Replies (1) of 2153
 
Nick,

Tendering your shares is no longer an option at this time. The company failed to come through with the 4 dollar tender offer that was previously announced. The most recent announcement states that our shares will be converted to preferred shares, at a ratio of 1 preferred share per 3 shates of common stock. The preferred shares will have a par value of 25 dollars, and an interest rate of 8%. They state that dividends will be quarterly, and that a special annual dividend will be 10% of the company pre-tax income, on a pro rated basis. Dividends are supposed to start by June 30. Conversion of shares is supposed to occur by the end of February.

After the share conversion, it will no longer be a publicly trading company. You will simply be holding a dividend yielding interest in the company. If you do the math that boils down to 2.00 annual dividend per 3 shares of common stock, plus special dividend. Assuming that this goes down as announced.
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