Javelin cuts deal with dissident investor

As part of its 2M share buyback program, Javelin Mortgage (JMI -1.6%) will buy back 516K shares owned by Phillip Goldstein's Bulldog Investors at $12.7574 per share (a nickel less than the volume-weighted average price on Friday), and Bulldog agrees to pull its slate of nominees to the board.

Bulldog has agitated for Javelin to speed up the pace of buybacks while the stock remains so far below book value (at $12.66 currently, the stock is at a 13.8% discount to Sept. 30 book of $14.69).

Adding the shares from this deal, Javelin will have spent $15.275M YTD buying back about 9% of the float.

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