Alesco Financial Inc. Stockholders Approve Proposed Transaction with Cohen Brothers, LLC
December 15 2009 - 4:03PM
PR Newswire (US)
PHILADELPHIA, Dec. 15 /PRNewswire-FirstCall/ -- Alesco Financial
Inc. (NYSE:AFN) today announced that at its annual meeting of
stockholders held on December 15, 2009 stockholders approved
Alesco's issuance of shares of common stock and Series A Voting
Convertible Preferred Stock that are proposed to be issued in
connection with the merger with Cohen Brothers, LLC. In the
proposed merger, Alesco Financial Holdings, LLC, a wholly owned
subsidiary of Alesco, will merge with and into Cohen Brothers, with
Cohen Brothers as the surviving entity and a majority owned
subsidiary of Alesco. The merger remains subject to certain closing
conditions. Also at the annual meeting, Alesco stockholders (i)
approved a performance-based cash bonus plan, and (ii) elected the
following nine directors to serve as members of Alesco's board of
directors until Alesco's next annual meeting of stockholders and
until their successors are duly elected and qualify: Daniel G.
Cohen, James J. McEntee, III, Rodney E. Bennett, Marc Chayette,
Thomas P. Costello, G. Steven Dawson, Jack Haraburda, Lance Ullom
and Charles W. Wolcott. About Alesco Financial Inc. Alesco
Financial Inc. is a specialty finance REIT headquartered in
Philadelphia, Pennsylvania and trades on the New York Stock
Exchange under the symbol "AFN". Alesco is externally managed by
Cohen & Company Management, LLC, a subsidiary of Cohen
Brothers, a global alternative fixed-income asset manager. For more
information, please visit http://www.alescofinancial.com/. About
Cohen & Company Cohen Brothers, LLC (d/b/a Cohen & Company)
is an investment firm specializing in credit related fixed income
investments. Through Cohen & Company Securities, LLC, the
company also provides institutional broker-dealer services focused
on debt securities. With offices in Philadelphia, New York,
Chicago, Washington D.C., San Francisco, Boston, Paris, London and
Tokyo, Cohen & Company serves a diverse international network
of institutional and individual clients. For more information about
Cohen & Company, we encourage you to visit
http://www.cohenandcompany.com/. Cautionary Information Regarding
Forward-Looking Statements This press release contains
"forward-looking statements" (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) by Alesco that are
subject to risks and uncertainties. Forward-looking statements are
not guarantees and speak only as of the date on which they are
made. Alesco does not undertake any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof. Important Information and Where to Find It AFN
filed with the SEC on November 4, 2009 an amended registration
statement on Form S-4, containing a Proxy Statement / Prospectus
("Proxy Statement / Prospectus") in connection with the proposed
merger with Cohen, which was announced on February 20, 2009.
Information about AFN's directors and executive officers and their
ownership of AFN's stock is set forth in the Proxy Statement /
Prospectus. INVESTORS ARE URGED TO READ THE PROXY STATEMENT /
PROSPECTUS CAREFULLY AND IN ITS ENTIRETY BECAUSE IT CONTAINS
IMPORTANT INFORMATION ABOUT AFN, COHEN AND THE PROPOSED MERGER
BETWEEN THE TWO COMPANIES. A definitive proxy statement was mailed
to AFN's stockholders. In addition, the Proxy Statement /
Prospectus and all other relevant documents filed by AFN with the
SEC may be obtained free of charge at the SEC's website
http://www.sec.gov/ or from Alesco Financial Inc., Attn: Investor
Relations, 2929 Arch Street, 17th Floor, Philadelphia, PA 19104.
Media Inquiries Joseph Kuo or Michael Herley Kekst and Company
212-521-4863 or 212-521-4897 or DATASOURCE: Alesco Financial Inc.
CONTACT: Joseph Kuo, +1-212-521-4863, , or Michael Herley,
+1-212-521-4897, , both of Kekst and Company Web Site:
http://www.alescofinancial.com/
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