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Alesco Financial (AFN)
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QUOTE AND NEWS
Acquisition cost takes gloss off Dulux
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.
Dulux profit hit by Alesco costs
The Australian  May 12  Comment 
DULUX'S H1 profit dropped 31pc because of $10m in costs from its takeover of garage door supplier Alesco.
Alesco takeover hits DuluxGroup profit
Sydney Morning Herald  May 12  Comment 
AG Growth International Breaks Above 200-Day Moving Average - Bullish for AFN
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%...
DuluxGroup to save more from Alesco
Sydney Morning Herald  Mar 25  Comment 
DuluxGroup expects to get more cost savings from its acquisition of Alesco than previously anticipated.
AG Growth International Ex-Dividend Reminder
Forbes  Mar 22  Comment 
On 3/26/13, AG Growth International Inc. (Toronto: AFN) will trade ex-dividend, for its monthly dividend of $0.20, payable on 4/30/13. As a percentage of AFN's recent stock price of $33.07, this dividend works out to approximately 0.60%, so look...
AG Growth International Ex-Dividend Reminder
Forbes  Feb 22  Comment 
On 2/26/13, AG Growth International Inc. (Toronto: AFN) will trade ex-dividend, for its monthly dividend of $0.20, payable on 3/29/13. As a percentage of AFN's recent stock price of $35.01, this dividend works out to approximately 0.57%, so look...
AG Growth International Goes Ex-Dividend Soon
Forbes  Jan 25  Comment 
On 1/29/13, AG Growth International Inc. (Toronto: AFN) will trade ex-dividend, for its monthly dividend of $0.20, payable on 2/28/13. As a percentage of AFN's recent stock price of $35.00, this dividend works out to approximately 0.57%, so look...
Dulux results take gloss off Alesco
The Australian  Nov 14  Comment 
DULUX is hoping a stronger national housing market will help the company recover from a surprising profit fall.
Alesco capitulates on Dulux
The Australian  Sep 28  Comment 
DULUXGROUP has finally won over garage door maker Alesco in its long-running $210 million takeover battle.
Dulux finally wins over Alesco
WA Business News  Sep 28  Comment 
Dulux close to control of Alesco
The Australian  Sep 26  Comment 
DULUX could be close to securing full control of Alesco, with the takeover target keen to negotiate over a special dividend.




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Patrick Harden
 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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