Altisource (TM) Sets Record Date of December 17, 2012 for Spin-Off of Altisource Residential Corporation and Altisource Asset Management Corporation; "When-Issued" Trading to Begin on or About December 13, 2012
Altisource expects to complete the spin-off of Residential and AAMC at
Altisource expects the Residential Shares and AAMC Shares to begin trading on a "when-issued" basis on the
On the first trading day after the Distribution Date, the Residential Shares are expected to trade on the
No action is required by Altisource's shareholders to receive their Residential Shares or AAMC Shares. Fractional Residential Shares and AAMC Shares will not be distributed to Altisource shareholders. Instead, the fractional shares will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to Altisource shareholders who would otherwise hold fractional Residential Shares and AAMC Shares.
The distribution of the Residential Shares and AAMC Shares is subject to the satisfaction or waiver of certain conditions, including the
Altisource shareholders are urged to consult their financial advisors and tax advisors regarding the particular consequences of the distribution in their situation, including, without limitation, the specific implications of selling Altisource common stock on or prior to the Distribution Date and the applicability and effect of any U.S. federal, state, local and foreign tax laws.
This press release contains a number of forward-looking statements. Words and variations of words such as "expect," "will," and similar expressions are intended to identify our forward-looking statements, including but not limited to, the completion of the spin-offs, timing of "when-issued" and "ex-distribution" trading and conditions to distribution of Residential Shares and AAMC Shares. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Such factors include, but are not limited to, our failure to successfully separate Residential and AAMC, weakness in economic conditions and tax law changes. Please also see our risk factors, as they may be amended from time to time, set forth in our filings with the
Altisource is a global provider of services focused on high-value, technology-enabled knowledge-based solutions principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management. Additional information is available at www.altisource.com.
Michelle D. EstermanChief Financial Officer T: +352 2469 7950 E: firstname.lastname@example.org
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