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Altisource (ASPS) Closes Spin-Off Of Altisource Residential, Altisource Asset Management

 December 24, 2012 02:01 PM

(By Balaseshan) Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) said it has successful completed its spin-offs of Altisource Residential Corp. and Altisource Asset Management Corp.

The spin-offs and the distribution to Altisource's shareholders of Altisource Residential (Residential) Class B common stock and Altisource Asset Management (AAMC) common stock complete the separation of Residential and AAMC from Altisource and their transition to independent public companies.

The spin-offs were completed at the close of business on December 21, and the Residential shares and AAMC shares were electronically distributed Monday to Altisource shareholders as of the record date, December 17, in the ratio of 1 Residential share for every 3 Altisource shares and 1 AAMC share for every 10 Altisource shares.

The Residential shares started trading on the NYSE under "RESI" ticker commencing Monday. The AAMC shares will continue to trade on the OTCQX under the symbol "AAMCV" and are anticipated to begin trading under the symbol "AAMC" commencing December 26.

Altisource common stock continues to trade on the NASDAQ Global Select Market under the ticker symbol "ASPS". As previously disclosed, the spin-offs will be treated as a taxable distribution to Altisource shareholders.

The holders of Altisource common stock that received the distribution of Residential shares and AAMC shares in the spin-offs are urged to consult their tax advisors concerning the effect of any U.S. federal, state, local and federal tax laws on the distribution.

Altisource is a provider of services focused on technology-enabled, knowledge-based functions related to real estate and mortgage portfolio management, asset recovery and customer relationship management.

ASPS closed Monday's session down 1.11% at $86.62. The stock has been trading between $47.90 and $129.72 for the past 52 weeks.

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