Home Loan Servicing Solutions, Ltd. Sets Record Date and Distribution Date
11 April 2015 - 12:00AM
Home Loan Servicing Solutions, Ltd. ("HLSS" or the "Company")
(Nasdaq:HLSS) announced today that its Board of Directors has
declared a liquidating distribution in the aggregate amount of
approximately $1.2 billion or $16.613 per share (the "Distribution
Amount"). The Distribution Amount represents the net proceeds
received by the Company in connection with the sale of
substantially all of the Company's assets pursuant to the Stock and
Asset Purchase Agreement with New Residential Investment Corp.
entered into and consummated on April 6, 2015, less a cash reserve
in the amount of $50 million.
Holders of record of ordinary shares of the Company at the close
of business on April 20, 2015 will be entitled to receive the
Distribution Amount, which the Company expects to be paid on April
27, 2015.
The distribution is made pursuant to the Plan of Complete
Liquidation and Dissolution previously adopted by the Company and
is intended to be treated as a payment in exchange for a holder's
ordinary shares for U.S. federal income tax purposes. Holders
are urged to consult their tax advisors as to the tax consequences
of the distribution (including the application of the passive
foreign investment company, or "PFIC," rules) in light of their
particular circumstances.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements are not guarantees of
future performance, and involve a number of assumptions, risks and
uncertainties that could cause actual results to differ materially.
Important factors that could cause actual results to differ
materially from those suggested by the forward-looking statements
include, but are not limited to, the following: general economic
and market conditions, prevailing interest rates, governmental
regulations and policies, availability of adequate and timely
sources of liquidity, our ability to maintain our PFIC status, real
estate market conditions and other risks detailed in HLSS' reports
and filings with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date they are made
and should not be relied upon. HLSS undertakes no obligation to
update or revise the forward-looking statements.
CONTACT: Investor Relations
T: 678-784-3231
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