Alesco Financial Inc. Completes Merger with Cohen Brothers, LLC
16 Décembre 2009 - 10:30PM
PR Newswire (US)
Company to Change Name to Cohen & Company Inc. and Commence
Trading on NYSE Amex under "COHN" PHILADELPHIA, Dec. 16
/PRNewswire-FirstCall/ -- Alesco Financial Inc. (NYSE:AFN) today
announced the completion of its merger with Cohen Brothers, LLC,
whereby Cohen Brothers became an approximately 66.2% owned
subsidiary of Alesco. Prior to the closing of the merger, Alesco
completed the previously announced 1-for-10 reverse stock split of
the outstanding shares of its common stock. After giving effect to
the merger and the 1-for-10 reverse stock split, the total number
of company shares outstanding is approximately 10.3 million shares.
Upon the closing of the merger transaction, Alesco changed its name
to "Cohen & Company Inc." and its shares are expected to begin
trading on the NYSE Amex on December 17, 2009 under the trading
symbol "COHN." The combined company will be a leading investment
firm specializing in credit related fixed income investments.
Daniel G. Cohen, Chairman, Chief Executive Officer and Chief
Investment Officer of the combined company, stated, "We believe
combining Alesco's capital structure and its public listing with
Cohen Brothers' more diverse revenue sources and operating platform
has created a well-capitalized company with increased financial and
operational flexibility, an enhanced competitive position, greater
opportunities for profitable growth in the future, and a
streamlined cost structure." Christopher Ricciardi, President of
the combined company, added, "We believe this merger will provide
the combined company with the opportunity to expand its business
and pursue growth opportunities in other business areas such as
capital markets and asset management." Management and Organization
Daniel G. Cohen will serve as Chairman, Chief Executive Officer and
Chief Investment Officer of the combined company. In addition,
Christopher Ricciardi and Joseph W. Pooler, Jr., both of whom were
members of Cohen Brothers' management team, join the combined
company's management team. Mr. Ricciardi will serve as President of
the combined company and Chief Executive Officer of Cohen &
Company Securities, LLC, the combined company's broker-dealer
subsidiary. Mr. Pooler will serve as Executive Vice President and
Chief Financial Officer of the combined company. The members of the
Board of Directors of the combined company will be Walter Beach,
Rodney E. Bennett, Marc Chayette, Daniel G. Cohen, Thomas P.
Costello, G. Steven Dawson, Joseph Donovan, Jack Haraburda, Lance
Ullom and Charles W. Wolcott. Messrs. Beach and Donovan have joined
the board as additional independent directors in connection with
the completion of the merger. All of the directors other than Mr.
Cohen are independent directors. About the Combined Company The
combined company is a leading investment firm specializing in
credit-related fixed income investments and is organized into two
primary businesses: Asset Management and Capital Markets. The Asset
Management business manages assets through listed and private
companies, funds, managed accounts and collateralized debt
obligations. As of December 16, 2009, the combined company managed
approximately $16.5 billion in credit-related fixed income assets
in a variety of asset classes, including U.S. trust preferred
securities, European hybrid capital securities, Asian commercial
real estate debt, and mortgage- and asset-backed securities. The
Capital Markets business consists of credit-related fixed income
sales and trading as well as new issue placements in corporate and
securitized products. Additional Information Additional information
regarding the transaction will be contained in the combined
company's Current Report on Form 8-K to be filed with the
Securities and Exchange Commission. For further information, please
visit http://www.cohenandcompany.com/. Forward Looking Statements
This communication contains certain statements that are
"forward-looking statements". In some cases, forward-looking
statements can be identified by the use of forward-looking
terminology such as "may," "might," "will," "should," "expect,"
"plan," "anticipate," "believe," "estimate," "predict," "potential"
or "continue" or the negatives thereof or variations thereon or
similar terminology. All statements other than statements of
historical fact included in this communication are forward-looking
statements and are based on various underlying assumptions and
expectations and are subject to known and unknown risks,
uncertainties and assumptions.. These statements are based on our
current expectations about future events. There are important
factors that could cause our actual results, level of activity,
performance or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied
in our forward-looking statements. These factors include, but are
not limited to, those discussed under the heading "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition"
in Amendment No. 6 to Alesco's Registration Statement on Form S-4
as filed with the Securities and Exchange Commission on November 4,
2009. That Form S-4 can be obtained by going to the following web
address http://www.alescofinancial.com/sec-filings. Risk factors
include the following: (a) a decline in general economic conditions
or the global financial markets, (b) losses caused by financial or
other problems experienced by third parties, (c) losses due to
unidentified or unanticipated risks, (d) a lack of liquidity, i.e.,
ready access to funds for use in our businesses, and (e)
competitive pressure. As a result, there can be no assurance that
the forward-looking statements included in this communication will
prove to be accurate or correct. In light of these risks,
uncertainties and assumptions, the future performance or events
described in the forward-looking statements in this communication
might not occur. Accordingly, you should not rely upon
forward-looking statements as a prediction of actual results and we
do not assume any responsibility for the accuracy or completeness
of any of these forward-looking statements. We do not undertake any
obligation to, and will not, update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Media Inquiries Joseph Kuo or Michael Herley Kekst and Company
212-521-4863 or 212-521-4897 or DATASOURCE: Alesco Financial Inc.
CONTACT: Joseph Kuo, +1-212-521-4863, , or Michael Herley,
+1-212-521-4897, , both of Kekst and Company for Alesco Financial
Inc. Web Site: http://www.cohenandcompany.com/
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