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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
August 28, 1998
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Date of Report (Date of earliest event reported)
Imperial Credit Commercial Mortgage Investment Corp.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Maryland 000-23089 95-4648345
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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11601 Wilshire Blvd., Suite 2080, Los Angeles, CA 90025
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(Address of principal executive offices) (Zip Code)
(310) 231-1280
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS.
On August 28, 1998, Imperial Credit Commercial Mortgage Investment Corp.
(the Registrant") issued a press release reporting (a) the purchase of 3 million
shares of its common stock in the open market and in private transactions
pursuant to its previously announced share repurchase plan and (b) the
authorization by the Board of Directors, subject to certain conditions, of the
repurchase of up to an additional 3 million shares of its common stock. A copy
of the press release is attached as Exhibit 99.1 to this Form 8-K and is
incorporated herein by reference.
ITEM 7. EXHIBIT
Exhibit 99.1 Press release of the Registrant, dated August 28, 1998
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
By: /s/ MICHAEL MELTZER
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Michael Meltzer, Chief Financial Officer and Treasurer
Dated: August 31, 1998
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EXHIBIT INDEX
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EXHIBIT
NO. DESCRIPTION
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99.1 Press release of the Registrant dated August 28, 1998
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[LOGO OF ICCMIC]
FOR IMMEDIATE RELEASE EXHIBIT 99.1
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT
CORP. REPORTS COMMON STOCK BUYBACK AND
AUTHORIZATION FOR ADDITIONAL BUYBACK
LOS ANGELES, CALIFORNIA, August 28, 1998. Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI) today reported that it has completed the
repurchase of 3 million shares of its common stock in the open market and in
private transactions pursuant to its previously announced share repurchase plan.
The 3 million shares of common stock repurchased by the Company represent
approximately 8.7% of the aggregate outstanding shares as of June 30, 1998. The
shares were repurchased at a total cost of $30,596,346, approximately $10.20 per
share.
In addition, the Board of Directors today authorized the Company, subject to
certain conditions, to repurchase up to an additional 3 million shares of its
common stock in the open market and in private transactions.
Imperial Credit Commercial Mortgage Investment Corp. is a publicly traded real
estate investment trust that invests primarily in multifamily and commercial
mortgage loans, real property and interests in multifamily and commercial
mortgage-backed securities. The Company is managed by Imperial Credit
Commercial Asset Management Corp., a wholly-owned subsidiary of Imperial Credit
Industries, Inc. (Nasdaq: ICII).
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, which can be identified by the
use of forward-looking terminology such as "may," "will," "intend," "should,"
"expect," "anticipate," "estimate" or "continue" or the negatives thereof or
other comparable terminology. The Company's actual results could differ
materially from those anticipated in such forward-looking statements as a result
of certain factors, including those set forth in the Company's Registration
Statement on Form S-11, as amended, and other documents filed by the Company
with the Securities and Exchange Commission.
For further information, please contact Michael Meltzer, Chief Financial
Officer, at (310) 231-5906 or Karen Montandon, Investor Relations, at
(310) 791-8022.
