QUOTE AND NEWS
Insurance Journal  Mar 10  Comment 
Alesco Risk Management Services*, the specialist insurance and risk management broker, announced Adam Bragg will be joining as head of the organisation’s Latin America Property Facultative team. His primary focus will be developing business...
Clusterstock  Nov 7  Comment 
Abercrombie & Fitch's sales are in a downward spiral.  The once-leading teen retailer has struggled to stay relevant since the surge in demand for fast-fashion brands like Forever 21 and H&M.  Abercrombie has also been criticized for...
DailyFinance  Mar 3  Comment 
TORONTO, ONTARIO -- (Marketwired) -- 03/03/14 -- The Couchiching Institute on Public Affairs is pleased to announce Phil Fontaine, OC, Founder and President of Ishkonigan Inc. and former National Chief of the Assembly of First Nations (AFN), as...
DailyFinance  Feb 7  Comment 
TORONTO, ONTARIO -- (Marketwired) -- 02/07/14 -- The Prospectors & Developers Association of Canada (PDAC) supports the Government of Canada and Assembly of First Nation's (AFN) collaborative commitment to reform First Nations education. Today,...
The Australian  Nov 12  Comment 
DULUX says its Alesco businesses have made a “solid start”, after the group posted a fall in net profit for 2013.
WA Business News  Jul 9  Comment 
The Supreme Court of New Zealand has granted Western Australia-based Alesco Corp the right to challenge a tax avoidance ruling over its use of securities with the characteristics of both equity and debt to fund a local acquisition.
The Australian  May 13  Comment 
A $10 million cost tied to its acquisition of Alesco has crunched the interim net profit of paint maker DuluxGroup by 31 per cent.
The Australian  May 12  Comment 
DULUX'S H1 profit dropped 31pc because of $10m in costs from its takeover of garage door supplier Alesco.
Sydney Morning Herald  May 12  Comment 
Forbes  May 10  Comment 
In trading on Friday, shares of AG Growth International Inc. (Toronto: AFN) crossed above their 200 day moving average of $32.70, changing hands as high as $33.49 per share. AG Growth International Inc. shares are currently trading up about 10.2%...
Sydney Morning Herald  Mar 25  Comment 
DuluxGroup expects to get more cost savings from its acquisition of Alesco than previously anticipated.




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Alesco Financial Inc. (AFN) is a publicly owned real estate investment trust. The firm typically invests in real estate and other securities including trust-preferred securities, mortgage backed securities, and corporate loan obligations. Alesco Financial is based in Philadelphia, Pennsylvania. The company is controlled by the Cohen family, a recognized name in the mortgage REIT industry.

AFN is a specialty finance company that invests in multiple asset classes with the objective of generating risk-adjusted returns and predictable cash distributions for its stockholders.


Trends and Forces

Termination of REIT status likely

James McEntee, President and CEO of Alesco Financial, cautioned, "Our REIT taxable income to date supports the payment of a $0.25 dividend per share for the quarter. AFN is continuing to review strategic alternatives for the company, including whether to continue to maintain its REIT qualification. Any change in strategy or operating results could impact the level of future dividend payments."

With the Kleros CDOs moving closer and closer to liquidation, it is likely that Alesco will remain a REIT for 2008, but will convert to a publicly-traded partnership (PTP) for 2009 and beyond. Alesco's money-making bank and insurance TruPS portfolios are not qualifying REIT assets, and with the lowered spread available on RMBS (limited repo lines available makes it difficult to lever up RMBS to profitability), it makes sense that the Company will end its run as a REIT.




References

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