Apex Mortgage Capital Stockholders Approve Merger with American Home Mortgage; Transaction to Close on December 3, 2003.
MELVILLE, N.Y. & LOS ANGELES--(BUSINESS WIRE)--Nov. 26, 2003
American Home Mortgage Investment Corp. to Begin Trading on the
New York Stock Exchange under the Symbol AHH on December 4, 2003
American Home Mortgage Holdings, Inc. (NASDAQ: AHMH) and Apex Mortgage Capital, Inc. (Amex: AXM) announced today that Apex's stockholders have approved the proposed merger with American Home at Apex's special stockholders meeting which was reconvened today in Los Angeles, California, at 1:00 p.m. Pacific Standard Time.
Philip A. Barach, Chief Executive Officer and President of Apex, said, "We are very pleased that our stockholders have overwhelmingly voted in favor of the merger with American Home. We feel that this transaction will benefit our stockholders as the Apex business becomes part of American Home's existing mortgage origination operations. American Home is a fast growing company with strong earnings potential and quarterly dividends, especially given the recent approval of their reorganization into a REIT. We thank our stockholders for their support."
Michael Strauss, Chairman, Chief Executive Officer and President of American Home, commented, "American Home is very pleased with the positive outcome of Apex's special stockholders meeting today, and we are committed to consummating the merger as soon as possible and begin operating the merged companies as a REIT, in order to diversify our sources of revenue and permit the distribution of our dividends in a more tax-efficient manner. Today's vote underscores the substantial benefits that all of our stockholders expect us to realize through our reorganization into a REIT and the merger with Apex."
American Home and Apex expect to close the merger on Wednesday, December 3, 2003.
Beginning December 4, 2003, the combined company will be named American Home Mortgage Investment Corp. and will trade on the New York Stock Exchange under the symbol AHH. After December 3, 2003, American Home Mortgage Holdings will cease trading on the NASDAQ, and Apex will cease trading on the American Stock Exchange.
As previously announced, at a special meeting of stockholders of American Home held on November 21, 2003, in Melville, New York, the following proposals were approved by the requisite vote of the American Home stockholders: (1) a reorganization of American Home, whereby American Home Mortgage Investment Corp., a REIT, would become the parent company of American Home and each outstanding share of American Home's common stock would be converted into the right to receive one share of common stock of American Home Mortgage Investment Corp.; (2) the issuance of shares of common stock of American Home Mortgage Investment Corp. to stockholders of Apex in connection with the merger of Apex with and into American Home Mortgage Investment Corp.; and (3) the adoption of Apex's Amended and Restated 1997 Stock Option Plan in connection with the merger.
ABOUT AMERICAN HOME MORTGAGE HOLDINGS, INC.
American Home Mortgage Holdings, Inc. is an originator and servicer of residential mortgage loans. It operates 226 loan production offices located in 37 states, as well as MortgageSelect, an online mortgage lender, three mortgage broker support centers and a loan servicing center. American Home shares are traded on NASDAQ under the symbol "AHMH." For additional information, please visit American Home's Web site at www.americanhm.com.
ABOUT APEX MORTGAGE CAPITAL, INC.
Apex Mortgage Capital, Inc. is a financial company structured as a real estate investment trust. Apex primarily acquires United States agency securities, other mortgage securities, mortgage loans, equity securities and other investments. Apex is listed on the American Stock Exchange under the symbol "AXM."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains statements about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact, including, but not limited to earnings guidance and forecasts, projections of financial results, and expected future financial position, dividends and dividend plans and business strategy, is a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause American Home's or Apex's actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: the potential fluctuations in American Home's or Apex's operating results; American Home's or Apex's potential need for additional capital; the direction of interest rates and their subsequent effect on American Home's or Apex's business; federal and state regulation of mortgage banking; and those risks and uncertainties discussed in filings made by American Home and Apex with the Securities and Exchange Commission. Such forward-looking statements are inherently uncertain, and stockholders must recognize that actual results may differ from expectations. Neither American Home nor Apex assumes any responsibility to issue updates to any forward-looking statements discussed in this press release.
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|Date:||Nov 26, 2003|
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