Impac Won't Pay 4Q Dividends

Impac Mortgage Holdings, a Irvine, Calif.-based real estate investment trust, is not paying fourth quarter dividends on its 9.375% Series B Cumulative Redeemable Preferred Stock and its 9.125% Series C Cumulative Redeemable Preferred Stock. These unpaid dividends will accumulate and, until they are paid, Impac may not pay dividends on, redeem, repurchase or make distributions on its common stock. Impac is also deferring payments of interest on its four series of trust preferred securities: Impac Capital Trusts #1, #2 and #4 securities due Jan. 30, 2009, and Impac Capital Trust #3 securities due Dec. 30, 2008. It intends to make a cash offer of $100 for every $1,000 for each of these four trust preferred securities. That offer will expire on Dec. 30, 2008.