10.08.2015 17:19:56
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Frischer Asks Newcastle To Initiate $100 Mln Share Repurchase Or Sell Company
(RTTNews) - LF Partners' Charles Frischer requested that Newcastle Investment Corp. (NCT) immediately initiate a $100 million share buyback, with a ceiling price of $5.00 per share. If the company is not willing to implement this buyback, Charles request that it immediately begin a sale/liquidation of Newcastle Investment with the expectation that proceeds will exceed $6.65 per share, a 45% premium to the current stock price.
Charles recently filed a 13-D form on Newcastle Investment, disclosing his ownership of 3,442,000 shares or 5.2% of the outstanding shares. He has been a long-term investor in the company and recently purchased additional shares because they are trading at a significant discount to the net asset value of the company.
There would also be a large number of both private equity firms and other investment companies who will be interested to take control of Newcastle at a $6.65 price.
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