REDMOND, Wash. —
, Oct. 29, 1999 — Microsoft Corp. today announced that its 2.75 percent Convertible Exchangeable Principal-Protected Preferred Shares, Series A (Series A Preferred Shares) will mature and be converted into Common Shares on Dec. 15, 1999, as indicated in the prospectus. The company did not elect to convert the Series A Preferred Shares into cash.
Upon issuance, the Series A Preferred Shares had a maximum price of $102.24 that could be obtained at the Conversion Date. Series A Preferred shareholders will receive this maximum price.
Each individual Series A Preferred Share will convert into Common Shares using the following formula, where
“Current Market Price”
is defined as the average closing price of the Common Shares for the 20 trading days beginning Nov. 12, 1999, and ending Dec. 10, 1999:
Number of Common Shares for each Preferred Share = $102.24 / Current Market Price
Any partial shares will be paid in the form of a check.
Microsoft today also announced that it has declared the final quarterly dividend of $0.549 per share on its Series A Preferred Shares to holders of record on Dec. 1, 1999. The dividend will be paid Dec. 15, 1999.
In December 1996, Microsoft issued $1 billion of Series A Preferred Shares. Microsoft does not currently pay a dividend on its Common Shares.
Founded in 1975, Microsoft (The Nasdaq Stock Market: common
) is the worldwide leader in software for personal and business computing. The company offers a wide range of products and services designed to empower people through great software – any time, any place and on any device.
Microsoft is either a registered trademark or trademark of Microsoft Corp. in the United States and/or other countries.
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