EJF Investments Ltd Recent Commitment to Invest Announcement (2049K)
December 31 2020 - 1:00AM
UK Regulatory
TIDMEJFI TIDMEJFZ
RNS Number : 2049K
EJF Investments Ltd
31 December 2020
FOR IMMEDIATE RELEASE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE
REPUBLIC OF IRELAND), AUSTRALIA, CANADA, SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DO SO
31 December 2020
EJF Investments Ltd ("EJFI" or the "Company")
Recent Commitment to Invest Announcement
Further to the Company's announcements in June 2020 in relation
to the placing of 2025 zero dividend preference shares, the Board
of the Company is pleased to announce that approximately GBP3.75
million or USD$5 million has been initially committed towards an
investment in an affiliate of Seneca Mortgage Servicing LLC
("Seneca"), with the potential to increase the commitment up to
approximately GBP7.5 million or USD $10 million (the "Investment").
Seneca has received the required U.S. regulatory approval to
purchase mortgage servicing rights, and the Investment is expected
to close shortly.
Seneca is a residential mortgage servicer in the United States
which is owned and controlled by EJF Capital LLC ("EJF Capital"),
which also owns all of the voting interests in EJF Investments
Manager LLC, the Company's manager (the "Manager") and is therefore
a related party of the Company.
EJFI will not be subject to an incentive allocation or pay fees
to Seneca or EJF Capital as part of the Investment, except that
EJFI will pay fees for the services provided by the third-party
sub-servicer of Seneca that is not owned in whole or in part by
Seneca or EJF Capital.
The Manager believes that the Investment will enable the Company
to take advantage of the economics derived from mortgage servicing
rights as a result of the current interest rate environment. The
Manager expects the Investment to be an accretive investment to the
Company's portfolio in an area with high barriers to entry and in
which the Manager believes Seneca has significant experience and a
strong competitive advantage.
ENQUIRIES
For the Investment Manager
EJF Investments Manager LLC
Peter Stage / Hammad Khan / Matthew Gill
pstage@ejfcap.com / hkhan@ejfcap.com / mgill@ejfcap.com
+44 203 752 6775 / +44 203 752 6771 / +44 203 752 6774
For the Company Secretary and Administrator
BNP Paribas Securities Services S.C.A
jersey.bp2s.ejf.cosec@bnpparibas.com
+44 1534 709 181 / +44 1481 750 822
For the Broker
Numis Securities Limited
David Luck
d.luck@numis.com
+44 20 7260 1301
About EJF Investments Ltd
EJFI is a registered closed-ended limited liability company
incorporated in Jersey under the Companies (Jersey) Law 1991, as
amended, on 20 October 2016 with registered number 122353. The
Company is regulated by the Jersey Financial Services Commission
(the "JFSC"). The JFSC is protected by both the Collective
Investment Funds (Jersey) Law 1988 and the Financial Services
(Jersey) Law 1998, as amended, against liability arising from the
discharge of its functions under such laws.
The JFSC has not reviewed or approved this announcement.
LEI: 549300XZYEQCLA1ZAT25
Investor information & warnings
The latest available information on the Company can be accessed
via its website at www.ejfi.com.
This communication has been issued by, and is the sole
responsibility of, the Company and is for information purposes
only. It is not, and is not intended to be an invitation,
inducement, offer or solicitation to deal in the shares of the
Company. The price and value of shares in the Company and the
income from them may go down as well as up and investors may not
get back the full amount invested on disposal of shares in the
Company. An investment in the Company should be considered only as
part of a balanced portfolio of which it should not form a
disproportionate part. Prospective investors are advised to seek
expert legal, financial, tax and other professional advice before
making any investment decision.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FUREAKAFDSAEFEA
(END) Dow Jones Newswires
December 31, 2020 02:00 ET (07:00 GMT)
Ejf Investments (LSE:EJFI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ejf Investments (LSE:EJFI)
Historical Stock Chart
From Apr 2023 to Apr 2024