insane dividends

[wzebra33]

HL-PrC
Hecla Declares Preferred Dividends
Date : 02/19/2010 @ 5:30PM
Source : Business Wire
Stock : Hecla Mining Company (HL)


Hecla Mining Company (NYSE:HL) today announced its Board of Directors has elected to declare the regular quarterly dividend of $0.875 per share on the outstanding Series B Cumulative Convertible Preferred Stock, for a total amount of approximately $138,000. The cash dividend is payable April 1, 2010, to shareholders of record on March 15, 2010. There are a total of 157,816 shares of Preferred B Stock outstanding.

The Board of Directors also elected to declare the regular quarterly dividend on the outstanding 6.5% Mandatory Convertible Preferred Stock in the amount of $1.625 per share and to pay such dividend in Common Stock of Hecla, for a total amount of approximately $3.27 million in Hecla Common Stock (with cash for fractional shares). The value of the shares of Common Stock issued as dividends will be calculated at 97% of the average of the closing prices of Hecla’s Common Stock over the five consecutive trading day period ending on the second trading day immediately preceding the dividend payment date. There will be no fractional shares issued, so a cash adjustment will be paid to each holder that would be entitled to a fraction of a share of Common Stock (based on the average of the closing prices of Hecla’s Common Stock over the five consecutive trading day period ending on the second trading day immediately preceding the dividend payment date). The dividend is payable April 1, 2010, to shareholders of record on March 15, 2010. There are a total of 2,012,500 shares of 6.5% Mandatory Convertible Preferred Stock outstanding. Hecla will capitalize retained earnings for the fair market value of the shares of Common Stock to be issued as dividends. Sale of the shares of Common Stock received as a dividend by a holder will reduce a holder's proportionate equity in the Company. The broker’s cut-off date for the dividend on the Mandatory Convertible Preferred Stock will be March 31 (one day before the dividend payment date) and the calculation of the number of shares of Common Stock to be issued per share of Mandatory Convertible Preferred Stock and the price to be paid for fractional shares will be announced before the opening of business on March 31, but American Stock Transfer & Trust Company, the transfer agent for the Company’s shares of Mandatory Convertible Preferred Stock and Common Stock, will be instructed to issue fractional share payments to brokers and other nominees as required against full share certificates surrendered by them for a period of one week after the April 1, 2010, payment date of such dividend.

Hecla Mining Company, headquartered in Coeur d'Alene, Idaho, mines, processes and explores for silver and gold in the United States and Mexico. A 119-year-old company, Hecla has long been well known in the mining world and financial markets as a quality producer of silver and gold. Hecla's common and preferred shares are traded on the New York Stock Exchange under the symbols “HL,” “HL-PrB” and “HL-PrC.” Hecla's Home Page can be accessed on the Internet at www.hecla-mining.com.