PRESS RELEASE
Published on June 12, 2001
Exhibit (a)(1)(H)
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Kathy Fern
June 12, 2001 804-217-5800
DYNEX CAPITAL, INC.
ANNOUNCES RESULTS OF CASH TENDER OFFERS FOR
SHARES OF ITS PREFERRED STOCK
Dynex Capital, Inc. (NYSE: DX) announced today the results of its
tender offers to purchase for cash shares of its Series A Preferred Stock,
Series B Preferred Stock and Series C Preferred Stock that expired on Friday,
June 8, 2001. Based on a preliminary count by the depositary, the Company
expects to purchase for cash approximately 202,090 shares of its Series A
Preferred Stock from shareholders at a price of $12.24 per share, approximately
363,708 shares of its Series B Preferred Stock from shareholders at a price of
$12.50 per share, and approximately 254,803 shares of its Series C Preferred
Stock from its shareholders at a price of $15.30 per share, all under the terms
of the tender offer.
The tender offers commenced on May 7, 2001 and the Company had offered
to purchase up to 500,000 of its Series A Preferred Stock, up to 730,250 of its
Series B Preferred Stock, and up to 702,700 of its Series C Preferred Stock. Due
to the tender offers for each respective series of preferred stock being
under-subscribed, the Company will purchase all of the shares validly tendered
in the tender offer, without proration. The exact number of shares to be
purchased will be determined upon final review of the validity of all tender
offer documents received from holders. Payment for shares properly tendered and
accepted will be made as soon as practicable.
Based on the number of outstanding shares immediately prior to the
commencement of the tender offers, the shares tendered represent approximately
15% of the Series A Preferred Stock outstanding, approximately 19% of the Series
B Preferred Stock outstanding, and 14% of the Series C Preferred Stock
outstanding.
Dynex Capital, Inc. is a financial services company that elects to be
treated as a real estate investment trust (REIT) for federal income tax
purposes.
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