Altisource (ASPS) Complete Subsidiary Restructuring; Frees Up More Dividend, Buyback Capacity

Altisource Portfolio Solutions S.A. (Nasdaq: ASPS) completed its previously announced subsidiary restructuring on August 25, 2014, following the receipt of a confirmation letter from the Luxembourg tax authorities on August 19, 2014.

"We are pleased to complete our subsidiary restructuring which significantly increases our share repurchase and dividend capacity under Luxembourg law," said Chief Executive Officer William Shepro.

With the completion of the subsidiary restructuring, the Senior Secured Term Loan is the most restrictive governor of Altisource's share repurchase capacity. The subsidiary restructuring created a new wholly-owned subsidiary within the consolidated Altisource structure. The subsidiary restructuring did not change Altisource's ownership interest in any of its subsidiaries. Notwithstanding the elimination of certain limits on the share repurchase capacity, there can be no assurance that Altisource will engage in share repurchases up to its contractual limits or at all.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Grainger (GWW) Raises Quarterly Dividend 10.2% to $2.05; Approves Repurchase of up to 5M Shares
• Altisource Asset Management Corp (ASPS) Tops Q1 EPS by 24c