Apollo Commercial Real Estate Finance to Dissolve, Liquidate Assets; Declares $3.75/Share Dividend
ARI sits 15% above its 52-week low of $9.491.
Summary
Apollo Commercial Real Estate Finance's board has decided to dissolve the company, liquidate its assets, and wind down its business, following an extensive review of strategic alternatives. This decision comes after the successful completion of an $8.6 billion loan portfolio sale in April, as detailed in recent SEC filings. The company also declared a significant $3.75 per share common stock dividend, predominantly classified as a return of capital, which represents over 34% of the current stock price. This move fundamentally alters the company's future, aiming to maximize shareholder value through an orderly liquidation. The company plans to file a preliminary proxy statement for stockholder approval of the dissolution.
At the time of this announcement, ARI was trading at $10.92 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $9.49 to $11.24. This news item was assessed with positive market sentiment and an importance score of 10 out of 10. Source: GlobeNewswire.