Oct. 10, 2003--Dynabazaar, Inc. (f/k/a FairMarket, Inc.) (NASDAQ:FAIM - News) today announced that it has declared a cash dividend of $1.30 per share on the company's common stock, representing an aggregate cash distribution of approximately $35 million. The dividend is payable on November 3, 2003 to stockholders of record on October 20, 2003.
The company also announced that it has repurchased the 952,380 shares of the company's series B preferred stock held by eBay Inc. (which represents all of the shares of series B preferred stock) at a cash repurchase price of $1.54 per share, or $1,466,665.20 in the aggregate. As a result, the series B preferred stock is no longer outstanding and will not participate in the cash dividend declared on the common stock. As previously disclosed, upon the closing of the asset sale to eBay, the company paid eBay a liquidation preference of approximately $2 million as required by the terms of the series B preferred stock. biz.yahoo.com
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