Friday, 22 August 2014
Last updated 5 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."
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note