IRVINE, Calif., June 29 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings,
Inc. (Pink Sheets: IMPM), a Maryland corporation, or the "Company," today
announced that the Offer to Purchase and Consent Solicitation for its 9.375%
Series B Cumulative Redeemable Preferred Stock (Pink Sheets: IMPHP) and 9.125%
Series C Cumulative Redeemable Preferred Stock (Pink Sheets: IMPHO) has
expired and that the Company has accepted valid tenders of more than 66 2/3%
of the Preferred Stock.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)
As of the expiration of the Offer to Purchase and Consent Solicitation at
9:00 a.m., Eastern Daylight time, on June 29, 2009, holders had tendered an
aggregate of approximately 67.7% (4,378,880 shares) of the Preferred Stock.
These results are subject to verification by the depositary of the proper
delivery of the shares validly tendered and not withdrawn.
Stockholders who participated in the Offer to Purchase and Consent
Solicitation will receive $0.29297 per share of Series B Preferred Stock and
$0.28516 per share of Series C Preferred Stock validly tendered and accepted,
which means the Company will be making an aggregate payment of approximately
$1.3 million. All holders of Preferred Stock (whether shares were tendered or
not) will also receive accumulated and unpaid dividends of $1.17 per share of
Series B Preferred Stock and $1.14 per share of Series C preferred Stock.
In addition, the common stockholders approved at the special meeting held
at 10:00 am (PDT) on June 29 amendments to the Company's charter to modify the
terms of both series of Preferred Stock as described in the Company's
definitive proxy statement. As a result of obtaining the requisite
stockholder approval, the Company is amending its Charter to modify the terms
of each series of Preferred Stock
About the Company
Impac Mortgage Holdings, Inc., through its Long Term Investment
Operations, primarily invests in non-conforming mortgage loans and to a lesser
extent small balance commercial and multi-family loans.
For additional information, questions or comments, please call Justin
Moisio in Investor Relations at (949) 475-3988 or email
jmoisio@impaccompanies.com. Web site: www.impaccompanies.com
SOURCE Impac Mortgage Holdings, Inc.
CONTACT:
Justin Moisio,
Investor Relations
of Impac Mortgage Holdings,
Inc.,
+1-949-475-3988,
jmoisio@impaccompanies.com
Web Site: http://www.impaccompanies.com
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