- Owens Realty Mortgage (ORM +0.6%) dissident shareholder Hovde Capital Management gets the blessing of proxy advisory firm Institutional Shareholder Services for one of its two nominees for ORM's board.
- ISS's recommendation says Hovde presents a "compelling case that change at the board level is needed."
- The proxy firm cites ORM's subpar financial performance, the appearance that governance changes are reactive to shareholder pressure, and that its contract with its external manager is "inherently conflicted."
- ISS recommends that ORM shareholders vote for Steven D. Hovde and withhold votes for James P. Hua, the other nominee Hovde Capital put forward.
- Regarding ORM management's nominees, ISS also recommends that shareholders don't vote for Bryan Draper and James Kessler.
- Previously: Owens Realty disputes Hovde's Group's claims as annual meeting nears (July 5)
- Now read: Front Yard Residential: REIT In Transition Has Strong Upside Potential
Original article