Preliminary Results Indicate Stockholders' Overwhelming Support for the
Election of ALL of Anworth's Director Nominees at Annual Meeting
SANTA MONICA, Calif., May 22, 2014
SANTA MONICA, Calif., May 22, 2014 /PRNewswire/ --Anworth Mortgage Asset
Corporation (NYSE: ANH) today announced that, based on the preliminary vote
count provided by its proxy solicitor, stockholders have elected all of
Anworth's six director-nominees – Messrs. Lloyd McAdams, Lee A. Ault III, Joe
E. Davis, Robert C. Davis, Joseph E. McAdams and Mark S. Maron – at the
Company's 2014 Annual Meeting of Stockholders today. Based on the preliminary
voting results tabulated by the Company's proxy solicitor, at least 72% of the
total votes cast at the Annual Meeting were affirmatively voted "for" the
election of all six of Anworth's director nominees, and approximately 76% if
you exclude Western's shares and shares owned by Anworth's officers and
Commenting on the preliminary results, Anworth issued the following statement:
Anworth's Board and management appreciate the overwhelming support we
received from stockholders, and extend our gratitude for their support
throughout this process.
The outcome of today's election affirms our belief that Anworth has the
right strategy, the right management and the right Board in place to drive
growth and value creation for all stockholders. We look forward to
benefitting from the unique real estate finance experience and fresh
perspective of our new board member, Mark S. Maron, who will help guide our
strategy and serve as another independent voice on the Board.
With the Annual Meeting behind us, the Board's Strategic Review Committee
will continue to work with Credit Suisse to identify specific transactions
to execute Anworth's announced diversification strategy and make
recommendations regarding potential capital markets transactions. We remain
focused on executing our investment strategy to drive enhanced value and
increase investment returns and look forward to building on our positive
First Coast Results, Inc., the independent Inspector of Election, has
indicated that it expects to issue the preliminary voting results within a few
days. Final results of the election will be announced once they are certified
by the Inspector.
About Anworth Mortgage Asset Corporation
Anworth is an externally-managed mortgage real estate investment trust. Our
principal business is to invest primarily in securities guaranteed by the U.S.
Government, such as Ginnie Mae, or guaranteed by federally sponsored
enterprises, such as Fannie Mae or Freddie Mac. We seek to generate income for
distribution to our shareholders primarily based on the difference between the
yield on our mortgage assets and the cost of our borrowings. We are managed by
Anworth Management, LLC, or the Manager, pursuant a management agreement. The
Manager is subject to the supervision and direction of our Board of Directors
and is responsible for (i) the selection, purchase and sale of our investment
portfolio; (ii) our financing and hedging activities; and (iii) providing us
with management services and other services and activities relating to our
assets and operations as may be appropriate. Our common stock is traded on the
New York Stock Exchange under the symbol "ANH." Anworth is a component of the
Russell 2000® Index.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
This news release may contain forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are based upon our current expectations
and speak only as of the date hereof.
Forward-looking statements, which are based on various assumptions (some of
which are beyond our control) may be identified by reference to a future
period or periods or by the use of forward-looking terminology, such as "may,"
"will," "believe," "expect," "anticipate," "assume," "estimate," "intend,"
"continue," or other similar terms or variations on those terms or the
negative of those terms. Our actual results may differ materially and
adversely from those expressed in any forward-looking statements as a result
of various factors and uncertainties, including but not limited to, changes in
interest rates; changes in the market value of our mortgage-backed securities;
changes in the yield curve; the availability of mortgage-backed securities for
purchase; increases in the prepayment rates on the mortgage loans securing our
mortgage-backed securities; our ability to use borrowings to finance our
assets and, if available, the terms of any financing; risks associated with
investing in mortgage-related assets; changes in business conditions and the
general economy, including the consequences of actions by the U.S. government
and other foreign governments to address the global financial crisis;
implementation of or changes in government regulations affecting our business;
our ability to maintain our qualification as a real estate investment trust
for federal income tax purposes; our ability to maintain an exemption from the
Investment Company Act of 1940, as amended; risks associated with our home
rental business; and the Manager's ability to manage our growth. Our Annual
Report on Form 10-K and other SEC filings discuss the most significant risk
factors that may affect our business, results of operations and financial
condition. We undertake no obligation to revise or update publicly any
forward-looking statements for any reason.
Contact: John T. Hillman @ 310/255-4438 or 310/255-4493
SOURCE Anworth Mortgage Asset Corporation
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