Hunt Acquires About 9.5% of Five Oaks Accepted Banal at a amount of $4.77 per Share
NEW YORK, Jan. 18, 2018 /PRNewswire/ — Five Oaks Advance Corp. (OAKS) (“Five Oaks” or the “Company”) appear today that its absolute admiral absolutely accustomed the admission into a new administration acceding with Hunt Advance Management, LLC, a accessory of Hunt Companies, Inc. (“Hunt”) and the circumstantial alternate abortion of its administration acceding with Oak Circle Basic Partners LLC (“OCCP”).
Management by Hunt is accepted to accommodate Five Oaks with a new cardinal administration through the reallocation of basic into new advance opportunities focused in the bartering absolute acreage mortgage amplitude and absolute admission to Hunt’s cogent activity of defined capricious floating-rate multi-family and bartering absolute acreage loans. Hunt and its affiliates accept all-encompassing acquaintance in the origination, servicing, accident administration and costs of this asset chic and the floating-rate attributes of the loans should abate or annihilate the charge for circuitous interest-rate hedging. The new administration acceding is accepted to bigger adjust the interests of Five Oaks and its new administrator through an allurement fee adjustment and agreed aloft limitations on administrator amount reimbursements from the Company, amid added items, as added declared in the Company’s Form 8-K referenced below.
Hunt Advance Management, LLC is an SEC registered advance adviser with about $2.0 billion of absolute acreage assets managed in funds, abstracted accounts and added portfolios, beyond all absolute acreage sectors and backdrop amid in the US. The activities of Hunt’s affiliates and investees accommodate advance management, mortgage banking, absolute lending, accommodation servicing, asset management, acreage management, development, construction, consulting and advisory. Pursuant to the acceding of the abortion acceding amid Five Oaks and OCCP, the abortion of the administration acceding did not trigger, and OCCP was not paid, a abortion fee by Five Oaks. Hunt alone agreed to pay OCCP a adjourned acquittal in affiliation with the foregoing.
In affiliation with the transaction, an associate of Hunt purchased 1,539,406 shares of the Company’s accepted banal in a clandestine adjustment by the Company, at a acquirement amount of $4.77 per allotment consistent in an accumulated basic accession of $7,342,966.62. In addition, an associate of Hunt additionally purchased 710,495 Five Oaks shares from the Company’s better accepted shareholder, XL Investments Ltd, for the aforementioned amount per share. The acquirement amount per allotment represents a 56.9% exceptional over the Five Oaks accepted allotment amount as of the closing on January 17, 2018. In affiliation with the accretion of shares from XL Investments, XL Investments agreed to abolish all of its currently captivated Five Oaks warrants. After achievement of these allotment purchases, Hunt and its affiliates own about 9.5% of Five Oaks outstanding accepted shares.
Also in affiliation with the transaction, Mr. David Carroll accommodated as a director, Chairman and CEO of the Aggregation and the Five Oaks lath appointed James C. (“Chris”) Hunt as a administrator and Chairman of the lath and called James P. Flynn as CEO of Five Oaks and Michael P. Larsen President of Five Oaks. Mr. Flynn currently serves as President and CIO of Hunt’s bartering absolute acreage lending assemblage and Mr. Larsen serves as COO and CFO of Hunt’s bartering absolute acreage lending unit. It is accepted that accepted Five Oaks executives, David Carroll, David Oston, and Paul Chong, will assurance application agreements with Hunt and a majority of the accepted advisers of OCCP will become advisers of Hunt. Following the transaction, the Lath will abide to be comprised of a majority of absolute directors.
Chris Hunt, Chief Executive Officer of Hunt stated, “I attending advanced to abutting the Five Oaks Lath and alive with the Aggregation to advice body amount for all stockholders. I accept that our advance today in Five Oaks demonstrates our acceptance in the belvedere and approaching success of the Aggregation and aligns the interests of Hunt as alien administrator with those of the stockholders of Five Oaks as we seek to abound the Aggregation in the advancing years.”
James Flynn, the new CEO of Five Oaks, stated, “With admission to the beyond and calibration of the Hunt platform, we accept Hunt will accommodate amount and adherence for the stockholders of Five Oaks. Hunt’s cogent ability in bartering absolute acreage lending and admission to bartering absolute acreage advance opportunities will accredit Five Oaks to aggrandize its advance strategy. In addition, we apprehend Five Oaks to account from the calibration of Hunt’s advance administration belvedere to abate amount levels and admission its basic base.”
David Carroll, the above CEO and Chairman of Five Oaks stated, “I am absolutely admiring of the affairs appear today. I accept that accepting admission to Hunt’s absolute bartering absolute acreage platform, accurate clue almanac and awful acclimatized administration aggregation will bear absolute allowances to the Aggregation and its stockholders. Increased admission to the floating-rate capricious accommodation alpha pipeline, decidedly in the multi-family space, should acquiesce us to alteration the Company’s portfolio appear alluringly priced, aerial affection loans that are absolutely activated to ascent absorption ante and financed with appellation repurchase accessories or collateralized accommodation obligation financing. I accept this will be absolute for stockholder allotment affective forward.”
Mr. William A. Houlihan, Five Oaks’ advance absolute director, stated, “We are aflame by this transaction and our affiliation with Hunt. We accept that Hunt’s administration will be benign to the Aggregation and our stockholders and we attending advanced to Chris Hunt’s insights and perspectives as a affiliate of our Board.”
The above description of the transactions, including the acceding of the new administration agreement, does not acceptation to be complete. For added information, amuse analysis the Company’s Accepted Report on Form 8-K to be filed with the Antithesis and Exchange Commission on or about January 18, 2018.
Dentons US LLP served as Five Oaks’ acknowledged advisors. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as Hunt’s acknowledged advisors.
About Five Oaks Advance Corporation
Five Oaks Advance Corp. is a absolute acreage advance assurance (“REIT”) focused with its subsidiaries on advance on a leveraged base in mortgage and added absolute estate-related assets, decidedly mortgage-backed antithesis (“MBS”), including residential mortgage-backed antithesis (“RMBS”) and multi-family mortgage-backed antithesis (“Multi-Family MBS”), and mortgage application rights. The Company’s cold charcoal to bear adorable banknote breeze allotment over time to its investors. Investors, aegis holders and added absorbed bodies may acquisition added advice apropos the Aggregation at the SEC’s Internet armpit at http://www.sec.gov/ or the Aggregation website www.fiveoaksinvestment.com or by administering requests to: Five Oaks Advance Corp., 540 Madison Avenue, 19th Floor, New York, NY 10022, Attention: Investor Relations.
About Hunt Companies, Inc.
Founded in 1947, Hunt Companies, Inc. is today a captivation aggregation that invests in businesses focused in the absolute acreage and basement markets. The activities of Hunt’s affiliates and investees accommodate advance management, mortgage banking, absolute lending, accommodation servicing, asset management, acreage management, development, construction, consulting and advisory. To apprentice added about Hunt, amuse appointment www.huntcompanies.com.
Hunt Advance Management, LLC, a wholly endemic accessory of Hunt Companies, Inc., is an SEC registered advance adviser with about $2.0 billion of absolute acreage assets managed in funds, abstracted accounts and added portfolios, beyond all absolute acreage sectors and backdrop amid in the US for 13 funds/separate accounts for added than 66 institutional clients. In addition, Hunt is the alien administrator of MMA Basic Management, LLC (MMAC).
Hunt Mortgage Group, LLC, a wholly endemic accessory of Hunt Companies, Inc., is a baton in costs bartering absolute acreage throughout the United States. Hunt Mortgage Group, affairs all types of bartering absolute estate: multifamily backdrop (including baby balance), affordable housing, office, retail, bogus housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in accession to its own Proprietary accommodation products. Since inception, Hunt Mortgage Group has structured added than $21 billion of loans and today maintains a application portfolio of added than $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 232 professionals in 25 locations throughout the United States. To apprentice more, appointment www.huntmortgagegroup.com.
Cautionary Statement Apropos Forward-Looking Information
This advice contains advanced advice about Five Oaks, Hunt and the proposed transaction. Advanced statements are statements that are not absolute facts. These statements can be articular by the use of advanced analogue such as “believe,” “expect,” “may,” “will,” “should,” “project,” “could,” “plan,” “goal,” “potential,” “pro forma,” “seek,” “intend” or “anticipate” or the abrogating thereof or commensurable terminology, and accommodate discussions of strategy, banking projections, advice and estimates (including their basal assumptions), statements apropos plans, objectives, expectations or after-effects of appear transactions, and statements about the approaching performance, operations, articles and casework of Five Oaks and its subsidiaries. Five Oaks and Hunt attention readers not to abode disproportionate assurance on these statements. These advanced statements are accountable to a array of risks and uncertainties. Consequently, absolute after-effects and acquaintance may materially alter from those independent in any advanced statements.
Five Oaks Advance Corp. logo. (PRNewsFoto/Five Oaks Advance Corp.)
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