On Wednesday, Shares of Annaly Capital Management, Inc. (NYSE:NLY), lost -0.65% to $9.89.
Annaly Capital Management, and Chimera Investment Corporation, declared that Chimera has reached a contract with Fixed Income Discount Advisory Company (“FIDAC”), a wholly-owned partner of Annaly, to internalize the administration of Chimera. In connection with the transaction, Chimera will purchase Annaly’s 4.4% stake in Chimera for a purchase price of $126.4 million ($14.05 per share). The internalization is effective August 5, 2015.
Annaly and the independent members of the Chimera Board agreed to the internalization in order to facilitate the pursuit of independent strategies at both companies. The internalization also will result in operational and economic efficiencies for Annaly and Chimera, while ensuring continuity of Chimera’s practiced administration team. Given the resulting benefits to both companies, no contractual penalties will be associated with the administration agreement termination.
Annaly Capital Administration, Inc. owns a portfolio of real estate related investments in the United States. The company invests in various types of agency mortgage-backed securities and related derivatives to hedge these investments; acquires, finances, and manages commercial mortgage loans and other commercial real estate debt, commercial mortgage-backed securities, and other commercial real estate-related assets; and operates as a broker-dealer.
Shares of Dow Chemical Co (NYSE:DOW), inclined 0.94% to $47.13, during its last trading session.
Dow Chemical Company, declared the accomplished sale of AgroFresh, its post‐harvest specialty chemical business, to Boulevard Acquisition Corp., a public investment vehicle, formed by Avenue Capital Group, for more than $900 million. In addition to cash and stock at closing, Dow anticipates to receive noteworthy ongoing cash payments related to service and other agreements with AgroFresh and a $50 million cash earn out if AgroFresh achieves certain targets – putting the total value of the transaction over $1 billion. The transaction has been unanimously approved by the boards of directors of both companies, was approved by a vote of Boulevard’s shareholders on July 29, 2015, and officially closed July 31, 2015.
With this transaction and the forthcoming completion of the Dow Chlorine Products merger with Olin, Dow has significantly exceeded its preceding stated aim of realizing $7 billion to $8.5 billion of divestments, with the total now approaching more than $12 billion in pre-tax proceeds.
The Dow Chemical Company manufactures and supplies products that are used primarily as raw materials in the manufacture of customer products and services worldwide. It operates through Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, and Performance Plastics segments.
Finally, VAALCO Energy, Inc. (NYSE:EGY), ended its last trade with 5.88% gain, and closed at $1.44.
VAALCO Energy, declared that its Board of Directors has authorized the repurchase of up to 5.8 million shares of the Company’s common stock, which represents about 10% of the Company’s outstanding common stock, in open market transactions from time to time during the forthcoming 18-month period and in accordance with the requirements of the Securities and Exchange Commission.
Steve Guidry, VAALCO’s Chairman and CEO, commented, “We are happy to declare this buyback as it underscores our confidence in the strength of our balance sheet, quality of our assets and our ongoing ability to generate cash flow. At recent market price levels, we believe our common shares represent an excellent opportunity to buy at a noteworthydiscount and are a highly attractive investment. We will continue to review additional opportunities to enhance shareholder value.”
VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas in the United States. The company owns producing properties and conducts exploration activities as an operator of consortiums internationally in Gabon and Angola, in addition to conducts exploration activities as a non-operator in Equatorial Guinea, West Africa.
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