Hanger Orthopedic pays accelerated dividends, will force conversion of series A convertible preferreds

By Angela McDaniels

Tacoma, Wash., July 29 - Hanger Orthopedic Group, Inc. said it will force conversion of its series A convertible preferred stock into common stock.

The action is being taken following the payment of accelerated dividends on the preferreds, which were triggered when the company's average closing stock price exceeded the preferreds' forced conversion price by 200% for 20 trading days in June.

Hanger Orthopedic said it paid the dividends due on the preferreds through May 26, 2011 in the form of increased stated value of preferred stock.

As a result, the company recorded an in-kind dividend of $5.3 million in the quarter ended June 30, according to a company news release.

Hanger Orthopedic is based in Bethesda, Md., and provides orthotic and prosthetic patient care services.

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