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
Date of Report (date of earliest event reported) DECEMBER 18, 1997
LASER MORTGAGE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 22-353916
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
51 JOHN F. KENNEDY PARKWAY, SHORT HILLS, NEW JERSEY 07078
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (973) 912-8770
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS.
On December 18, 1997, the Registrant issued a press release announcing
the Board of Directors' declaration of an initial cash dividend to the
Registrant's stockholders equal to at least 95% of the taxable income earned by
the Registrant since it commenced operations on December 2, 1997. The Registrant
announced that the dividend would be no less than $0.13 per share of common
stock, and will be payable on January 31, 1998 to stockholders of record on
December 31, 1997. The complete text of the news release is set forth as Exhibit
20 hereto.
Item 7. FINANCIAL STATEMENTS, PRO FORMA
FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS
None.
(b) PRO FORMA FINANCIAL STATEMENTS
None.
(c) EXHIBITS
20 News Release, dated December 18, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LASER MORTGAGE MANAGEMENT, INC.
By: /S/ THOMAS G. JONOVICH
Name: Thomas G. Jonovich
Title: Chief Financial Officer
Dated: December 18, 1997
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
20 News Release, dated December 18, 1997.
EXHIBIT 20
LASER MORTGAGE MANAGEMENT, INC.
ANNOUNCES DIVIDEND
Short Hills, N.J., December 18, 1997. The Board of Directors of LASER
Mortgage Management, Inc. (NYSE: LMM) has declared an initial cash dividend to
its stockholders equal to at least 95% of the taxable income earned by the
Company since it commenced operations December 2, 1997. The dividend will be no
less than $0.13 per share of common stock. The dividend is payable on January
31, 1998 to stockholders of record as of December 31, 1997.
Since the recent completion of its initial public offering, the
Company has invested a substantial portion of its net proceeds. The Company has
purchased government agency mortgage-backed securities and related hedges as
well as other mortgage-related securities and non-mortgage debt securities
(including, securitized bank loans, asset-backed securities and sovereign debt).
In the month to date, over 95% of the assets acquired by the Company have been
issued by government agencies. The Company has not purchased any adjustable rate
mortgage-backed securities. Management intends to continue to acquire additional
mortgage- backed securities and mortgage loans, as well as non-mortgage debt
securities.
Mr. Smirlock, the Chief Executive Officer of the Company, said "We are
pleased with the speed at which we were able to invest the Company's offering
proceeds and generate income sufficient for the dividend in light of the fact
that the Company has not completed its initial spread lending activities, the
Company's initial capital was not received until December 2nd and most of the
securities purchased by the Company did not start earning net interest income
for the Company until December 11th and 12th."
LASER Mortgage Management, Inc. is a specialty finance company
investing primarily in mortgage-backed securities and mortgage loans. The
Company will elect to be taxed as a real estate investment trust under the
Internal Revenue Code of 1986, as amended. LASER Advisers Inc., a registered
investment adviser, manages the day-to-day operations of the Company. The
executive offices of LASER Mortgage Management, Inc. are located at 51 John F.
Kennedy Parkway, Short Hills, New Jersey 07078.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: STATEMENTS IN THIS PRESS RELEASE REGARDING LASER MORTGAGE
MANAGEMENT'S BUSINESS WHICH ARE NOT HISTORICAL FACTS ARE "FORWARD-LOOKING"
STATEMENTS THAT INVOLVE RISK AND UNCERTAINTIES.
Date: December 18, 1997
Contact: LASER Mortgage Management, Inc.
Robert Gartner, Vice President (973) 912-8270
