Sunset Financial Resources to Hold Stockholder Meeting Today to Vote on Alesco Merger
October 06 2006 - 9:23AM
PR Newswire (US)
Sunset Announces Status of Tender Offer JACKSONVILLE, Fla., Oct. 6
/PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc.
(NYSE:SFO) today announced that it was convening a meeting of its
stockholders at 9:00 am Eastern time today to vote on its
previously announced merger with Alesco Financial Trust. Sunset
expects that it will take some time to tabulate the results of the
vote on the merger. Sunset is offering to purchase up to 2,652,553
shares in the tender offer at a price of $8.03 per share. Sunset
will not accept shares for payment under the tender offer unless
and until it has received the requisite stockholder vote and the
other conditions to the offer and merger are satisfied. Sunset
intends to extend the offer until immediately prior to the closing
of the merger. Sunset hopes to close the offer and the merger
today. Sunset has been informed by the NYSE that the NYSE intends
to halt trading in the Sunset shares on the NYSE pending
announcement of the results of the tender offer. According to the
depositary for the tender offer, approximately 140,250 shares have
been tendered as of the close of business on October 4, 2006.
Sunset has approximately 10,513,100 shares outstanding and the
shares tendered represent approximately 1.3% of the outstanding
shares. Following the merger, Sunset will change its name to Alesco
Financial Inc. and will trade on the NYSE under the ticker symbol
AFN. Sunset expects to announce the results of the vote later
today, but does not presently intend to issue interim
announcements. About Sunset Financial Resources Sunset Financial
Resources, Inc. is a specialty finance REIT headquartered in
Jacksonville, Florida and trades on the New York Stock Exchange
under the symbol "SFO". Additional Information About These
Transactions Sunset stockholders are urged to read the proxy
statement for the merger and the tender offer statement, letter of
transmittal and other materials relating to the tender offer, as
they contain important information regarding the merger and the
offer. Stockholders can obtain a copy of the proxy statement,
tender offer statement, letter of transmittal and other related
materials free of charge from the SEC's web site,
http://www.sec.gov/, from the information agent for the merger and
the tender offer, MacKenzie Partners, Inc., by calling (800)
322-2885 (call toll-free), or by directing a request to . We urge
Sunset stockholders to carefully read those materials prior to
making any decision with respect to the merger and the tender
offer. Forward-Looking Statements Information set forth in this
release contains forward-looking statements, which involve a number
of risks and uncertainties. Sunset and Alesco caution readers that
any forward-looking information is not a guarantee of future
performance and that actual results could differ materially from
those contained or implied in the forward-looking information. Such
forward-looking statements include, but are not limited to,
statements about the benefits of the business combination
transaction involving Sunset and Alesco, including future financial
and operating results, the new company's plans, objectives,
expectations and intentions and other statements that are not
historical facts. The following factors, among others, could cause
actual results to differ from those set forth in the
forward-looking statements: factors that affect the timing or
ability to complete the transactions contemplated herein; the risk
that the business will not be integrated successfully; the risk
that cost savings and any other synergies from the transaction may
not be fully realized or may take longer to realize than expected;
disruption from the transaction making it more difficult to
maintain relationships with lenders, other counterparties, or
employees; competition and its effects on pricing, spending,
third-party relationships and revenues; the failure of the
companies to successfully execute their business plans, gain access
to additional financing, the availability of additional loan
portfolios for future acquisition, continued qualification as a
REIT and the cost of capital. Additional factors that may affect
future results are contained in Sunset's filings with the SEC,
which are available at the SEC's web site http://www.sec.gov/.
Sunset and Alesco disclaim any obligation to update and revise
statements contained in these materials based on new information or
otherwise. Company Contact: Investors: Stacy M. Riffe KCSA
Worldwide Chief Executive Officer Jeffrey Goldberger (904) 425-4365
212.896.1249 DATASOURCE: Sunset Financial Resources, Inc. CONTACT:
Company Contact, Stacy M. Riffe, Chief Executive Officer,
+1-904-425-4365, ; Investors, KCSA Worldwide, Jeffrey Goldberger,
+1-212-896-1249,
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