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Stock Market & Financial Investment News

News Breaks
June 16, 2014
08:51 EDTNCT, SNRNewcastle Investment announces spin-off of senior housing business
Newcastle Investment (NCT) announced that its board has unanimously approved a plan to spin off its senior housing business. Newcastle intends to effect the spin-off by distributing shares of its subsidiary, New Senior Investment Group (SNR). New Senior will be a publicly traded real estate investment trust that primarily targets senior housing related investments. New Senior has filed a registration statement with the U.S. Securities and Exchange Commission with respect to the planned spin-off. The spin-off is subject to certain conditions, such as the SEC declaring effective New Seniorís registration statement, the filing and approval of an application to list New Seniorís common stock on the NYSE and the formal declaration of the distribution by the board.
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