On March 23, 2017, Altisource Asset Management Corporation (the “Company”) completed the repurchase of an aggregate of 50,000 shares (the “Shares”) of the Company’s common stock from an affiliated fund of Luxor Capital Partners Group (“Luxor”) in a block trade at a price of $52.50 per share, or an aggregate of $2.6 million, to the Company’s previously reported $300.0 million stock repurchase program.
Luxor may be considered a related party of the Company because Nathaniel Redleaf, a Luxor partner, is a member of the Board of Directors of the Company. The purchase price for the Shares was determined by the Audit Committee of the Company, with Mr. Redleaf recusing himself from the consideration and vote on the transaction. The price was negotiated with Luxor and represented a 9.4% discount to the closing share price of the Company’s common stock of $57.95 as reported by the NYSE MKT on March 22, 2017. The purchase price per share also represents a 16.7% discount to the average closing price of the Company’s common stock for the previous five trading days, a 23.9% discount to the average closing price of the Company’s common stock for the previous ten trading days and a 28.5% discount to the average closing price per share of the Company’s common stock for the previous 30 trading days. The repurchased Shares represented approximately 3.1% of the Company’s outstanding common stock.
Following the transaction, the Company now holds the acquired Shares as treasury shares.
About ALTISOURCE ASSET MANAGEMENT CORPORATION (NYSEMKT:AAMC) Altisource Asset Management Corporation provides asset management and corporate governance services to institutional investors. The Company’s primary client is Altisource Residential Corporation (Residential). The Company operates through segment, which is focused on providing asset management and certain corporate governance services to Residential. Its business strategy is to provide asset management services to Residential to generate cash available for distribution to its shareholders and thereby growing its earnings, and develop additional investment strategies and vehicles. Residential is a public real estate investment trust (REIT) that acquires and manages single-family rental properties by acquiring sub-performing and non-performing mortgage loans throughout the United States. In addition to providing services to Residential, it also provides management services to NewSource Reinsurance Company Ltd., which is an insurance and reinsurance company.
ALTISOURCE ASSET MANAGEMENT CORPORATION (NYSEMKT:AAMC) Recent Trading Information ALTISOURCE ASSET MANAGEMENT CORPORATION (NYSEMKT:AAMC) closed its last trading session up +4.05 at 61.50 with 7,431 shares trading hands.
Related
