LUXEMBOURG, Dec. 24, 2012 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. ("Altisource") (Nasdaq:ASPS) today announced the successful consummation of its previously announced spin-offs of Altisource Residential Corporation ("Residential") and Altisource Asset Management Corporation ("AAMC"). The spin-offs and the distribution to Altisource's shareholders of Residential Class B common stock (the "Residential Shares") and AAMC common stock (the "AAMC Shares") 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 Friday, December 21, 2012, and the Residential Shares and AAMC Shares were electronically distributed today to Altisource shareholders as of the record date, December 17, 2012, in the ratio of 1 Residential Share for every 3 Altisource shares and 1 AAMC Share for every 10 Altisource shares.
The Residential Shares will trade on the NYSE under the symbol "RESI" commencing today. 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, 2012. Altisource common stock continues to trade on the NASDAQ Global Select Market under the ticker symbol "ASPS."Ashish Pandey, Chief Executive Officer of AAMC, said, "We are pleased to complete the spin-offs from Altisource and look forward to establishing Altisource Residential as a leading acquirer of single-family assets. We believe the extensive industry experience of AAMC's management team in valuing real estate and non-performing loan portfolios along with Residential's long term service agreements with Ocwen Mortgage Servicing, Inc., a leading mortgage loan servicer, and Altisource Solutions S.Á R.L., a leading provider of real estate and mortgage portfolio management, asset recovery and customer relationship management services, will support Residential's ability to successfully acquire and manage single family real-estate portfolios." William B. Shepro, Chief Executive Officer of Altisource stated, "We wish all the best to Residential and AAMC as independent companies. While Residential and AAMC are now separate public companies, our relationship does not end here. We look forward to providing Residential and AAMC with high quality cost efficient construction management, leasing and property management services as they develop and grow a national rental portfolio."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV