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Owens Realty Mortgage dissident gets ISS's backing for one board nominee

Published 07/06/2018, 12:00 PM
© Reuters.  Owens Realty Mortgage dissident gets ISS's backing for one board nominee
ORM
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  • 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


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