logo
  Join        Login             Stock Quote

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.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.