On Friday, ARMOUR Residential REIT, Inc. (NYSE:ARR)’s shares declined -2.03% to $2.89.
ARMOUR Residential REIT, Inc. (ARR) declared that it anticipates to enhance common stock dividends in Q3 2015 and that its Board of Directors has approved a reverse stock split of ARMOUR’s outstanding shares of common stock at a ratio of one-for-eight.
One-for-Eight Reverse Stock Split
The reverse stock split is planned to take effect at about 5:00 p.m. Eastern Time on July 31, 2015 (the “Effective Time”). At the Effective Time, every eight issued and outstanding shares of common stock of the Company will be converted into one share of common stock of the Company. In addition, at the Effective Time, the number of authorized shares of common stock will also be reduced on a one-for-eight basis. The par value of each share of common stock will remain unchanged. Trading in ARMOUR’s common stock on a split adjusted basis is predictable to start at the market open on August 3, 2015. ARMOUR’s common stock will continue trading on the NYSE under the symbol “ARR” but will be assigned a new CUSIP number. The Company believes that existing stockholders will benefit from the ability to attract a broader range of investors as a result of the reverse stock split and a higher per share stock price. In this regard, the Company notes that the average book value of ARMOUR’s common stock over the last five trading sessions was about $4.00 per share, which is about 28% above last night’s closing price of $2.87.
As a result of the reverse stock split, the number of outstanding shares of ARMOUR’s common stock will be reduced from about 350,000,000 to about 43,750,000. Concurrently, the authorized number of shares of common stock will be reduced from 1,000,000,000 to 125,000,000.
No fractional shares will be issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of ARMOUR’s common stock on the NYSE for the three successive trading days ending on July 31, 2015. The reverse stock split will apply to all of ARMOUR’s authorized and outstanding shares of common stock as of the Effective Time. Stockholders of record will be receiving information from Continental Stock Transfer & Trust Company, ARMOUR’s transfer agent, regarding their stock ownership following the reverse stock split and cash in lieu of fractional share payments, if applicable. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action in connection with the reverse stock split.
ARMOUR Residential REIT, Inc. invests in and manages a portfolio of residential mortgage backed securities in the United States. The company is managed by ARMOUR Capital Administration LP. Its securities portfolio primarily comprises of agency securities backed by fixed rate, hybrid adjustable rate, and adjustable rate home loans, in addition to unsecured notes and bonds issued by the government-sponsored entities and the United States treasuries; and money market instruments.
Berkshire Hathaway Inc. (NYSE:BRK.B)’s shares gained 0.24% to $139.79.
H.J. Heinz Co said that Warren Buffett’s Berkshire Hathaway Inc has become its majority shareholder by exercising a warrant ahead of the ketchup maker’s planned merger with Kraft Foods Group Inc .
In a regulatory filing, Heinz said Berkshire exercised a warrant to acquire about 46.2 million shares for nearly $462,000 this week.
Heinz said the shares represent about 5.4 percent of its outstanding common stock, and that their issuance gives Berkshire a 52.5 percent overall stake.
The warrant was issued in connection with Heinz’s $23 billion acquisition by Berkshire and Brazilian private equity firm 3G Capital in 2013.
Shareholders of Kraft are planned to vote on July 1 on the Heinz merger, which would create one of the world’s largest food and beverage companies.
Heinz owners would get a 51 percent stake in the combined company, which would be known as Kraft Heinz Co.
Berkshire would own about 27 percent of the combined company, but 3G would oversee day-to-day operations.
Kraft brands comprise its namesake cheese, Oscar Mayer cold cuts and Maxwell House coffee. The company has said it anticipates to close the merger a few business days after shareholder approval.
Berkshire Hathaway, Inc. is a publicly owned investment manager. Through its auxiliaries, the firm primarily engages in the insurance and reinsurance of property and casualty risks business. Berkshire Hathaway was founded in 1889 and is based in Omaha, Nebraska.
At the end of Friday’s trade, E-House (China) Holdings Limited (ADR) (NYSE:EJ)‘s shares dipped -1.30% to $6.81.
E-House Holdings Limited (EJ), a leading real estate services company in China, recently declared that the independent special committee of the Company’s Board of Directors (the “Independent Committee”), formed to consider a non-binding “going-private” proposal by Mr. Xin Zhou, co-chairman of the Board and chief executive officer of E-House, and Mr. Neil Nanpeng Shen, a member of the Board, was informed that SINA Corporation (“SINA”) (SINA), an existing shareholder of the Company, had joined the buyer group by entering into a consortium agreement with Mr. Zhou and Mr. Shen (together with SINA, the “Consortium Members”), following which they have agreed to, among other things, form a consortium to work exclusively with one another to undertake the “going-private” transaction to acquire all the outstanding shares of the Company other than the shares owned by the Consortium Members or their associates (the “Transaction”).
The Consortium Members and their respective associates presently own, in the aggregate, about 48% of the Company’s total issued and outstanding shares.
E-House was also informed that SINA has agreed to exchange all the E-House shares held by SINA at the closing of the Transaction (the “Closing”) for a portion of the ordinary shares of Leju Holdings Limited (“Leju”) held by E-House at the Closing, based on an exchange ratio determined in accordance with a mutually agreed formula. Leju is a majority owned partner of E-House and is listed on the New York Stock Exchange.
E-House (China) Holdings Limited, through its auxiliaries, operates as a real estate services company in the People’s Republic of China. It operates through Real Estate Online Services; Real Estate Brokerage Services; Real Estate Information and Consulting Services; Community Value-Added Services; and Other Services segments. The company offers real estate e-commerce services, online property listing services and free services, and listing services; and advertising primarily on the SINA and Baidu new residential properties and home furnishing Websites.
PulteGroup, Inc. (NYSE:PHM), ended its Friday’s trading session with 0.29% gain, and closed at $20.48.
Single female Boomers are showing no signs of slowing down in their personal or professional lives. In fact, 50 percent of female Boomers are still working and 79 percent are satisfied in their current job position according to new data from Del Webb, a national brand of PulteGroup, Inc. (PHM), one of the nation’s largest homebuilders and the leading builder of communities for active adults.
The second in a series of newly released data from the 2015 Del Webb Baby Boomer Survey (conducted online for PulteGroup by Harris Poll among 1,020 single female U.S. adults ages 50-68) finds 51 percent of single, working Boomer women plan to stay at their current job for at least five more years, and 34 percent plan to retire between the ages of 65-69. These findings comprise with trends seen in Del Webb communities, which show the average age of a homebuyer to be 62 and that many residents continue to work after moving into the community.
PulteGroup, Inc., through its auxiliaries, engages in the homebuilding business; mortgage banking operations; and title operations in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on land. It offers various home designs, counting single-family detached, townhouses, condominiums, and duplexes under the Pulte Homes, Del Webb, and Centex brand names.
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