Saturday, 18 April 2015
Last updated 8 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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…