Cyprus Amax Calls Preferred Stock for Redemption
20.10.1999, 11:01
DENVER (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)
announced that it has called for redemption all of its $4.00
Series A Convertible Preferred Stock, CUSIP Number 232809 20 2.
The date of redemption is November 19, 1999. The redemption price
per share is $51.60, plus $.8778 representing accrued and unpaid
dividends through and including the date of redemption, for a
total of $52.4778 per share. Until the close of business on the
date of redemption, holders also are entitled to convert shares
of Series A Preferred Stock into Cyprus Amax common stock at a
conversion price of $24.302 per share of common stock.
Because the Series A Preferred Stock will not be outstanding
on December 1, 1999, the regular quarterly dividend on the Series
A Preferred Stock that was announced on October 12, 1999 and
would have been paid on December 1, 1999 will not be paid.
Cyprus Amax Minerals Company, headquartered in Englewood,
Colorado, is a leading producer of copper and the world's largest
producer of molybdenum. Cyprus Amax is exploring for minerals
worldwide. On September 30, 1999, Cyprus Amax and Phelps Dodge
entered into a definitive merger agreement under which Phelps
Dodge would acquire Cyprus Amax.
Actual results may vary materially from any forward-looking
statement the Company makes. Refer to the Cautionary Statement
and Risk Factors contained in the Company's most recent Form 10-
K.
To obtain a faxed copy of this or any Cyprus Amax news
release, call 1-800-758-5804, ext. 224250. News releases can also
be accessed via the Internet at the Cyprus Amax web site,
http://www.cyprusamax.com. ots Original Text Service: Cyprus
Amax Minerals Company Internet: http://www.newsaktuell.de
Contact: Gerald J. Malys, Senior Vice President and Chief
Financial Officer, 303-643-5060, or John Taraba, Vice President
and Controller, 303-643-5244, both of Cyprus Amax Minerals
Company Company News On-Call:
http://www.prnewswire.com/comp/224250.html or fax, 800-758-5804,
ext. 224250 Web site: http://www.cyprusamax.com
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