Resource America, Inc.
1521 Locust St.- 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Announces Plans To Make A Tender Offer For Its Common Stock
Philadelphia, PA, August 15, 2022 - Resource America, Inc. (NASDAQ:REXI)(the "Company") today announced that its Board of Directors has authorized a "Dutch Auction" tender offer for up to 5 million shares, or approximately 21% of its outstanding common stock at an expected offer range of between $9 and $11 per share, subject to market conditions. Commencement of the proposed tender offer will be subject to completion of all regulatory filings.
Resource America intends to finance the repurchase with a portion of the proceeds of the sale of its small-ticket equipment leasing subsidiary, Fidelity Leasing, Inc., which was recently sold to European American Bank, a subsidiary of ABN AMRO Bank, N.V.
Edward E. Cohen, CEO of Resource America, stated "We will be making the offer to buy back our shares because we believe that our shares continue to be undervalued in the public market and that the offer is consistent with our long-term corporate goal of increasing shareholder value."
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES OF RESOURCE AMERICA'S COMMON STOCK. THE SOLICITATION OF OFFERS TO BUY RESOURCE AMERICA'S COMMON STOCK WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT RESOURCE AMERICA WILL SEND TO ITS SHAREHOLDERS. SHAREHOLDERS SHOULD READ THOSE MATERIALS CAREFULLY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS AND CONDITIONS OF THE OFFER. SHAREHOLDERS WILL BE ABLE TO OBTAIN COPIES OF THE OFFER TO PURCHASE RELATED MATERIALS AND OTHER DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION THROUGH THE COMMISSION'S INTERNET ADDRESS AT HTTP://WWW.SEC.GOV WITHOUT CHARGE WHEN THESE DOCUMENTS BECOME AVAILABLE. SHAREHOLDERS WILL ALSO BE ABLE TO OBTAIN COPIES OF THE OFFER TO PURCHASE, RELATED MATERIALS AND SCHEDULE TO, AS FILED WITH THE COMMISSION, (EXCLUDING EXHIBITS) WITHOUT CHARGE FROM RESOURCE AMERICA, WHEN THESE DOCUMENTS BECOME AVAILABLE, BY WRITTEN OR ORAL REQUEST DIRECTED TO SECRETARY, RESOURCE AMERICA, INC., 1521 LOCUST STREET, PHILADELPHIA, PENNSYLVANIA 19102, TELEPHONE NUMBER 215-546-5005.
Resource America, Inc., operates businesses in energy, energy technology and real estate finance.