Fifth Street Asset Management Inc. Announces Distribution of $0.50 and Provides a Business Update
GREENWICH, Conn., Jan. 30, 2019 (GLOBE NEWSWIRE) -- Fifth Street Asset Management (OTCPK:FSAM) (“FSAM” or the “Company”) today announced that on January 25, 2019 its Board of Directors declared a distribution of $0.50 per share payable on February 19, 2019, to stockholders of record of its Class A Common Stock as of February 11, 2019.
On January 25, 2019, FSAM received $9.4 million of an original $10 million cash escrow account that was established in connection with FSAM’s asset sale to Oaktree Capital Management, L.P. on October 17, 2017. In addition, the pledges of marketable securities by a subsidiary of FSAM in connection with such transactions have been terminated, leaving those securities under the control of FSAM, unencumbered by any pledge, but subject to certain transfer and other restrictions contained in voting agreements entered into in connection with the transaction with Oaktree. An escrow agent continues to hold $32 million of purchase price, plus interest, in connection with the foregoing transactions; such amount is expected to remain in escrow until December 20, 2019, subject to any claims being made thereupon. As of January 30, 2019, FSAM has not received notice of any claim upon such $32 million escrow account.
Lastly, FSAM is conducting an audit of its 2018 fiscal year, which the Company plans to release to all investors once complete.
About Fifth Street Asset Management Inc.
Prior to the closing of the asset sale to Oaktree Capital Management, L.P. on October 17, 2017, Fifth Street Asset Management Inc. was a nationally recognized credit-focused asset manager.
Some of the statements in this press release may include, and certain oral statements made by our representatives from time to time may include, forward-looking statements that reflect current views with respect to future events and financial performance. Statements that include the words “should,” “expect,” “will,” “intend” and similar statements of a future or forward-looking nature identify forward-looking statements in this press release or similar oral statements for purposes of the U.S. federal securities laws or otherwise, although not all forward-looking statements include such words. Such statements are “forward looking” statements, as such term is defined in the Private Securities Litigation Reform Act of 1995, and involve assumptions, risks and uncertainties, all of which can change over time. Actual results could differ materially from those expressed or implied in these forward-looking statements for any reason. Risks and uncertainties specific to FSAM include (a) that FSAM has limited to no revenue generating operations, (b) that future dividends and distributions of proceeds relating to the transaction with Oaktree to FSAM Class A stockholders must be declared by the FSAM Board, subject to applicable law, (c) that any amounts distributed to FSAM Class A stockholders may not be reflective of the price at which any investor has purchased, or may purchase, shares of FSAM Class A common stock and (d) that ongoing operational costs at FSAM and its subsidiaries and potential wind-down costs may impact amounts that may be available for distribution by FSAM to its Class A stockholders. FSAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:Robyn Friedman(203) 930-2164 firstname.lastname@example.org