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Non-Tech : Cityscape Financial (CTYS) -- Ignore unavailable to you. Want to Upgrade?

To: Terry Maynard who wrote (1208)	10/21/1997 5:03:00 PM
From: Greg	Respond to of 2544

No I don't have a link, It was reported on the dow jones news wire a few minutes ago

To: Terry Maynard who wrote (1208)	10/21/1997 5:16:00 PM
From: TNH	Read Replies (2) \| Respond to of 2544

October 21, 1997 3:40 PM DOW JONES NEWS SERVICE CITYSCAPE DN 35%; CONV DEBT ISSUES SAID TO PRESSURE STK UK Lending Chief Said To Have Resigned By Eric Weiner NEW YORK (Dow Jones)--Shares of CityScape Financial Corp. (CTYS) plummeted to new lows Tuesday as investors became increasingly concerned about the company's recent convertible debt deals, and word surfaced that the firm's United Kingdom lending director resigned. CityScape's stock recently was down 2, or 36.4%, to 3 1/2 on Nasdaq volume of 11.6 million, compared with average daily volume of 596,500. Earlier, the stock reached a 52-week low of 3 3/16, passing the low of 5 7/16 set Monday. Since the start of the month, when the stock was trading at 10 1/8, the stock's value has fallen roughly 63%. The Elmsford, N.Y., subprime mortgage lender is under pressure from possible sanctions from a U.K. regulatory investigation into its aggressive lending practices there. Clearly, the news that Martin Brand - the lending chief and a director of the firm's U.K. unit - is no longer with the firm isn't cheering investors. "If he really isn't with the company that would be seen as pretty bad news," said one Wall Street trader. Although CityScape hasn't officially announced the move, Brand supposedly resigned two weeks ago, a short seller in the company's stock said. CityScape officials were not immediately available for comment, but a woman identified as the administrative assistant to the president said Brand no longer works for the firm. According to the company's 1997 proxy statement, Brand had been lending director at CityScape's U.K. business since its inception in May 1995. In 1996, the 60-year-old Brand was paid $944,397 in salary and bonus. In addition, two offerings of CityScape convertible preferred stock, issued in $50 million tranches in April and September to bolster its lagging capital position, also may be pressuring the shares, traders said. The offerings give shareholders the right to convert into CityScape common stock at a 4% discount to the market price. But, the lower the stock price falls, the more dilution the convertibles create. A story in Saturday's edition of Barron's magazine spotlighted the convertible stock offerings. "Some decisions are being made here," a trader said. "People are either sitting on the fence and waiting, or they're dumping the stock. There aren't too many buyers out there." -Eric Weiner; (201) 938-5298