Altisource Residential Corporation Issues Statement in Response to RESI Shareholders Group
21 Janvier 2016 - 12:04AM
Altisource Residential Corporation ("Residential" or the “Company”)
(NYSE:RESI) today confirmed that RESI Shareholders Group, a group
purporting to have aggregate ownership of approximately 3% of the
Company’s outstanding shares, has nominated three candidates to
stand for election to the Company’s Board of Directors at the 2016
Annual Meeting of Stockholders. The Company issued the following
statement:
Residential seeks to maintain open communications with its
stockholders with the goal of enhancing value for all stockholders.
Members of Residential’s senior management team have had
discussions with representatives of RESI Shareholder Group over the
past six months, and attempted to continue this dialogue as
recently as January 19, 2016, in order to understand their views
and recommendations. Residential was therefore disappointed that
RESI Shareholder Group chose to publicly nominate directors for
election at the Company’s 2016 Annual Meeting of Stockholders,
despite the ongoing active dialogue between parties.
Residential’s Board and management team continue to be focused
on enhancing long-term value for all stockholders by generating
consistent growth and serving working class American families and
their communities. As evidenced by the ongoing successful execution
of Residential’s transition to a large single-family rental REIT,
the Company is capitalizing on attractive standalone single-family
rental economics and investing its resources in higher yielding
markets in order to generate profitability and enhance long-term
growth potential.
With the Company’s current rental portfolio of 2,516 homes and
the strong market for its active disposition of NPLs and non-rental
REOs to finance SFR asset growth, Residential is positioned to
continue growing its portfolio. The Company expects to achieve
significant NOI margin stabilization and improved stockholder value
while supporting a sustainable dividend, with an increasing
percentage of the dividend being generated by stabilized rental
revenues.
The Residential Board of Directors and management team are
committed to enhancing long-term value for all stockholders, and
will continue to take actions to achieve this important objective.
Residential’s Board is comprised of highly-qualified and proven
leaders. They are active, engaged and have the expertise needed to
drive success against the Company’s strategies and to build
stockholder value.
Consistent with Residential’s normal practice, the Residential
Board will review the proposed candidates and present details
regarding its recommended slate of director nominees in the
Company’s proxy statement and other materials, to be filed with the
Securities and Exchange Commission and mailed to all stockholders
eligible to vote at the 2016 Annual Meeting in the ordinary course
of business. Residential’s stockholders are not required to take
any action at this time.
About Residential
Residential is focused on providing quality, affordable rental
homes to families throughout the United States. Additional
information is available at www.altisourceresi.com.
FOR FURTHER INFORMATION CONTACT:Meaghan Repko / Jonathan Keehner
/ Adam PollackJoele Frank, Wilkinson Brimmer
Katcher212-355-4449
Forward-looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, regarding
management’s beliefs, estimates, projections, anticipations and
assumptions with respect to, among other things, the Company’s
financial results, future operations, business plans and investment
strategies as well as industry and market conditions. These
statements may be identified by words such as “anticipate,”
“intend,” “expect,” “may,” “could,” “should,” “would,” “plan,”
“estimate,” “seek,” “believe” and other expressions or words of
similar meaning. We caution that forward looking statements are
qualified by the existence of certain risks and uncertainties that
could cause actual results and events to differ materially from
what is contemplated by the forward-looking statements. Factors
that could cause the Company’s actual results to differ materially
from these forward-looking statements may include, without
limitation, our ability to implement our business strategy; our
ability to make distributions to our stockholders; the impact of
changes to the supply of, value of and the returns on
sub-performing and non-performing loans and single-family rental
properties; our ability to successfully modify or otherwise resolve
sub-performing and non-performing loans; our ability to convert
loans to single-family rental properties and acquire single-family
rental properties generating attractive returns; our ability to
predict costs; difficulties in identifying sub-performing and
non-performing loans and single-family properties to acquire; our
ability to effectively compete with competitors; our ability to
apply the net proceeds from financings in target assets in a timely
manner; changes in interest rates and the market value of the
collateral underlying our sub-performing and nonperforming loan
portfolios or acquired single-family properties; our ability to
obtain and access financing arrangements on favorable terms, or at
all; our ability to retain the exclusive engagement of Altisource
Asset Management Corporation; the failure of Altisource Portfolio
Solutions S.A. to effectively perform its obligations under various
agreements with us; the failure of our servicers to effectively
perform their servicing obligations under their servicing
agreements with us; our failure to qualify or maintain
qualification as a REIT; our failure to maintain our exemption from
registration under the Investment Company Act of 1940, as amended;
the impact of adverse real estate, mortgage or housing markets; the
impact of adverse legislative or regulatory tax changes and other
risks and uncertainties detailed in the “Risk Factors” and other
sections described from time to time in the Company’s current and
future filings with the Securities and Exchange Commission. In
addition, financial risks such as liquidity and credit risks could
influence future results. The foregoing list of factors should not
be construed as exhaustive.
The statements made in this press release are current as of the
date of this press release only. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or any other information contained herein, whether as a
result of new information, future events or otherwise.
Important Additional Information and Where to Find
ItThe Company intends to file a proxy statement on
Schedule 14A and other relevant documents with the Securities and
Exchange Commission (“SEC”) in connection with the solicitation of
proxies for its 2016 annual meeting of stockholders.
STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE COMPANY’S 2016 PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders
may obtain a free copy of the 2016 proxy statement, any amendments
or supplements to the proxy statement and other documents that the
Company files with the SEC from the SEC’s website at www.sec.gov or
the Company’s website at http://ir.altisourceresi.com as soon as
reasonably practicable after such materials are electronically
filed with, or furnished to, the SEC.
Certain Information Regarding Participants in
SolicitationThe Company, its directors, its executive
officers and its nominees for election as director may be deemed
participants in the solicitation of proxies from stockholders in
connection with the matters to be considered at the Company’s 2016
annual meeting of stockholders. Information regarding the
persons who may, under the rules of the SEC, be considered
participants in the solicitation of stockholders in connection with
the Company’s 2016 annual meeting, and their direct or indirect
interests, by security holdings or otherwise, which may be
different from those of the Company’s stockholders generally, will
be set forth in the Company’s definitive proxy statement for the
2016 annual meeting of stockholders and the other relevant
documents to be filed with the SEC.
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