Tuesday, 1 December 2015
Last updated 19 hours ago
Sep 20 2012 | 10:06am ET
Harbinger Capital Management's growing need for cash is being filled, in at least a small way, by its permanent capital vehicle.
The hedge fund's Harbinger Group said this week that one of its chief holdings, Spectrum Brands, would pay a special dividend that would yield it about $30 million. The distribution comes after a $20 million payment from portfolio company Fidelity & Guaranty Life in December, with a similar payment expected from F&GL in the fourth quarter.
In addition, Harbinger announced that Spectrum, which owns brands such as Black & Decker, Rayovac and Remington, is expected to begin paying quarterly dividends next year.
"This is a significant milestone for HGI, as this dividend payment will help further fuel value creation for our shareholders in 2012, and Spectrum Brands ongoing quarterly dividend will provide another dedicated cash flow stream going forward," Omar Asali, Harbinger Group's president and a Harbinger Capital executive, said. "Spectrum Brands is emblematic of the type of value-creating businesses that HGI seeks in order to deliver on its long-term strategic objectives."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…