Seeking Alpha

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.
  • Press release
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