NEW YORK, March 12, 2019 /PRNewswire/ -- Ready Capital
Corporation (NYSE:RC) ("Ready Capital" or the "Company") today
announced the appointment of Andrew
Ahlborn as Chief Financial Officer, effective June 1, 2019. He will succeed Rick Herbst, the Chief Financial Officer, who
will retire from this role on that date.
"Andrew's proven to be a very strong financial executive whose
strengths have contributed to Ready Capital's strong competitive
position in the market. We are excited about promoting Andrew
to the Chief Financial Officer position and expect a smooth
transition as he leverages his deep understanding of the Company
developed through the years," stated Ready Capital Chairman and
Chief Executive Officer Thomas
Capasse. "Andrew's experience, including his integral role
in our key transactions in recent years has positioned him well to
become one of Ready Capital's next leaders. In addition to the
management of the accounting and finance team, Andrew is active in
the Company's investor relations, capital markets, strategic
M&A and business development activities.
Andrew Ahlborn joined Ready
Capital's manager, Waterfall Asset Management, LLC. in 2010 and has
been Controller of Ready Capital since 2015. Having focused on
Ready Capital since its formation in 2011, Mr. Ahlborn served a
vital role in many significant corporate transactions since
inception. Prior to Ready Capital, Mr. Ahlborn worked in Ernst
& Young, LLP's Financial Services Office from 2007. Mr. Ahlborn
received a Bachelor of Science degree in Accounting from
Fordham University's Gabelli School of
Business, is a CPA and is currently pursuing his Master of Business
Administration through Columbia Business
School.
Mr. Capasse continued, "On behalf of the entire Ready Capital
Team, we thank Rick for his numerous contributions to the
successful development of Ready Capital and wish him well in his
retirement. Rick has been instrumental to the significant
progress and accomplishments the Company has achieved, and with his
departure, he certainly leaves Ready Capital in a strong financial
position primed for future success."
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," as such term is defined in Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and such statements are intended to be covered
by the safe harbor provided by the same. These statements are based
on current expectations and beliefs of the Company and Owens Realty
Mortgage, Inc. (NYSEAM:ORM) ("ORM") and are subject to a number of
trends and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements;
neither the Company nor ORM can give any assurance that its
expectations will be attained.
Factors that could cause actual results to differ materially
from expectations include, but are not limited to, the risk that
the merger will not be consummated within the expected time period
or at all; the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; the inability to obtain stockholder approvals relating
to the merger and issuance of shares in connection therewith or the
failure to satisfy the other conditions to completion of the
merger; risks related to disruption of management's attention from
the ongoing business operations due to the proposed merger; the
effect of the announcement of the proposed merger on Ready
Capital's and ORM's operating results and businesses generally; the
outcome of any legal proceedings relating to the merger; changes in
future loan acquisition and production; the ability to retain key
personnel; availability of suitable investment opportunities;
changes in interest rates; changes in the yield curve; changes in
prepayment rates; the availability and terms of financing; general
economic conditions; market conditions; conditions in the market
for small balance commercial loans and other investments; and other
factors, including those set forth in the Risk Factors section of
Ready Capital's Registration Statement on Form S-4, declared
effective by the SEC on February 15,
2019, and other reports filed by Ready Capital and ORM with
the SEC, copies of which are available on the SEC's
website, www.sec.gov. Neither Ready Capital nor ORM undertakes
any obligation to update these statements for revisions or changes
after the date of this press release, except as required by
law.
Additional Information and Where to Find It
This press release may be deemed to be solicitation material in
respect of the proposed merger of Ready Capital and ORM.
In connection with the proposed merger, Ready Capital has filed a
Registration Statement on Form S-4, which includes a joint proxy
statement/prospectus and has been declared effective by the SEC.
Ready Capital's stockholders and other interested persons are
advised to read the definitive joint proxy statement/prospectus and
documents incorporated by reference therein filed in connection
with the proposed merger and, when available, the amendments
thereto, as these materials will contain important information
about Ready Capital, ORM and the proposed merger. The definitive
joint proxy statement/prospectus and other relevant materials for
the proposed merger have been mailed to stockholders of Ready
Capital as of the record date. Stockholders will also be able to
obtain copies of the definitive joint proxy statement/prospectus
and other documents filed with the SEC that will be incorporated by
reference therein, without charge, once available, at the SEC's web
site at www.sec.gov, or on Ready Capital's website at
https://readycapital.com/ or by directing a request to Ready
Capital's Investor Relations at InvestorRelations@readycapital.com
or at (212) 257-4666.
Participants in Solicitation
Ready Capital, its directors, executive officers and certain
employees may be deemed to be participants in the solicitation of
proxies in respect of the proposed merger. Information regarding
Ready Capital's directors and executive officers is available in
its proxy statement filed with the SEC. Additional information
regarding these persons and their interests in the proposed merger
is included in the definitive joint proxy statement/prospectus
relating to the proposed merger that has been filed with the SEC.
These documents can be obtained free of charge from the sources
indicated above.
ORM and its directors and executive officers may also be deemed
to be participants in the solicitation of proxies from the
stockholders of Ready Capital in connection with the proposed
merger. A list of the names of such directors and executive
officers and information regarding their interests in the proposed
merger are included in the joint proxy statement/prospectus for the
proposed merger.
About Owens Realty Mortgage, Inc.
Owens Realty Mortgage, Inc., a Maryland corporation,
is a specialty finance mortgage company organized to qualify as a
real estate investment trust ("REIT") that focuses on the
origination, investment, and management of commercial real estate
mortgage loans. ORM provides customized, short-term acquisition and
transition capital to small balance and middle-market investors
that require speed and flexibility. ORM's primary objective is to
provide investors with attractive current income and long-term
shareholder value. Owens Realty Mortgage, Inc. is headquartered
in Walnut Creek, California,
and is externally managed and advised by Owens Financial Group,
Inc.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real
estate finance company that originates, acquires, finances and
services small- to medium-sized balance commercial loans. Ready
Capital specializes in loans backed by commercial real estate,
including agency multifamily, investor and bridge as well as SBA
7(a) business loans. Headquartered in New
York, New York, Ready Capital employs over 400 lending
professionals nationwide. The company is externally managed and
advised by Waterfall Asset Management, LLC.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed merger. This press release shall also
not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any states or jurisdictions in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com
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SOURCE Ready Capital Corporation