Annaly Mortgage Management, Inc. Announces Second Quarter 1998 Dividend and Stock Repurchase Program
NEW YORK, June 25 /PRNewswire/ -- The Board of Directors of Annaly Mortgage Management, Inc. (NYSE: NLY) declared a second quarter 1998 dividend of $0.32 per share of common stock, payable out of the undistributed taxable earnings of the Company. This dividend is payable on July 27, 1998 to common shareholders of record as of July 6, 1998. The $0.32 dividend matches the first quarter 1998 dividend previously announced on March 19, 1998.
"The Company's dividend payments for the first two quarters of 1998 have validated our ongoing investment and operating policies. The investment climate continues to be challenging with the current flattening of the U.S. Treasury yield curve and relatively high short-term interest rates. In this lower rate environment, homeowners have the incentive to prepay their current mortgage balances and refinance into the new interest rate climate. As we have indicated in previous releases and investor discussions, we believe that this environment of lower interest rates is not a short-term phenomenon. We are monitoring our assets and liabilities very closely so we can continue to maximize our performance in this very difficult environment," stated Timothy J. Guba, President and Chief Operating Officer.
The Board of Directors of Annaly Mortgage Management, Inc. also passed a resolution to adopt a program to repurchase up to 10% of its common stock outstanding. No minimum number or value of shares to be repurchased has been fixed. The repurchases may be effected from time to time in accordance with applicable securities laws, through solicited or unsolicited transactions in the open market, on the New York Stock Exchange or in privately negotiated transactions. No time limit has been placed on the duration of the stock repurchase program. Subject to applicable securities laws, such purchases will be at times and in amounts as the Company deems appropriate and may be discontinued at any time. Repurchased shares will be held as treasury shares available for future issuance.
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