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Non-Tech : Marvel Enterprises (NYSE)

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To: OmertaSoldier who wrote (104)	3/19/2003 12:23:54 PM
From: OmertaSoldier	Read Replies (1) of 540

Marvel to convert 3.3 million preferred shares Wednesday March 19, 7:21 am ET NEW YORK, March 19 (Reuters) - Comic book publisher Marvel Enterprises Inc. (NYSE:MVL - News) on Wednesday said it is converting about 3.3 million shares of its preferred stock to common stock, which is expected to add to earnings in 2003. The conversion rate is 1.039 shares of Marvel common stock for each share of preferred stock. The action is expected to add 2 cents to 3 cents a share in 2003 because it eliminates the payment of dividends on preferred shares. Those dividends currently amount to about $700,000 on a quarterly basis, or about $2.7 million annually. The conversion will increase the trading float and liquidity of Marvel's common stock as well as extinguish Marvel's obligation to redeem any remaining preferred stock for $10.00 per share in cash in 2011. Marvel will issue about 3.4 million shares of common stock in the conversion. P.S. 1.039 not 1.39........even better.

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