SAExploration to pay dividends in kind on 8% perpetual preferreds

By Susanna Moon

Chicago, March 21 – SAExploration Holdings, Inc. said it will pay dividends in kind due April 1 on its 8% cumulative perpetual series A preferred stock.

The company’s board of directors declared on March 13 plans to pay on April 1 in-kind dividends of 0.01378 of preferreds for each outstanding share to record holders on March 15, according to a company announcement.

The company said it expects to issue a total of 456 of the series A preferreds.

For the dividend period for April 1 through June 30, the company said it will be obligated to pay in-kind any dividends declared on the series A preferreds.

As a result, any dividends that are declared for July 1 will be newly issued series A preferreds. At this time, the company expects to issue a total of 663 preferreds.

SAExploration is a Houston-based oilfield services company.

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