Hanover Announces 10-K Late Filing

Hanover Capital Mortgage Holdings Inc., Edison, N.J., has announced that it will notify the Securities and Exchange Commission of a late filing of its annual report on Form 10-K.Hanover, a mortgage real estate investment trust, said the reason for the delayed filing is a review of the accounting treatment for certain previously disclosed items relating to an amendment to a Contribution Agreement between the company and four of its executive officers. If the accounting treatment is revised, the company said its forthcoming annual report would contain a change to the earnings announced Feb. 23, and the company's compensation expense for 2003 would increase by approximately $1.26 million, or $0.22 per share. However, Hanover said there would be no effect on historical or future dividends.

For reprint and licensing requests for this article, click here.
Originations
MORE FROM NATIONAL MORTGAGE NEWS