Two news items this morning:
1) Gerald Ford wants to terms to invest in FMT
2) the 2006 10-K and 1q2007 and 2q2007 10-Q will be released in mid October.
fremontgeneral.com
Fremont General Expects to File 2006 Form 10-K and First and Second Quarter
Form 10-Qs in Mid-OctoberSANTA MONICA, Calif., Sept. 26 /PRNewswire-FirstCall/ -- Fremont General Corporation (the "Company") (NYSE: FMT), doing business primarily through its wholly-owned industrial bank, Fremont Investment & Loan ("FIL"), today announced that it has been advised by Mr. Gerald J. Ford that, in light of certain developments pertaining to the Company and FIL, he is not prepared to consummate the transactions contemplated by the Investment Agreement entered into on May 21, 2007 among the Company, FIL and an entity controlled by Mr. Ford on the terms set forth in that agreement. As previously announced, the Investment Agreement provides for the acquisition by an investor group led by Mr. Ford of a combination of approximately $80 million in exchangeable non-cumulative preferred stock of FIL and warrants to acquire additional common stock of the Company.
The Company said that, while it does not necessarily agree with the factual positions taken by Mr. Ford, it is in discussions with Mr. Ford concerning revised terms under which an entity controlled by Mr. Ford would proceed with an $80 million investment in exchangeable preferred stock of FIL and receive warrants to acquire additional common stock of the Company. The Company said that there can be no assurances as to whether or when the parties may reach an agreement with respect to revised transaction terms.
The Company also today announced that it expects to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2006, which will include audited financial statements for such period, and its Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2007 and June 30, 2007, in mid-October.
In connection with the proposed minority investment transaction, a proxy statement relating to certain of the matters discussed in this news release is expected to be filed with the Securities and Exchange Commission ("SEC"). When filed, copies of the proxy statement and other related documents may be obtained free of charge on the SEC website (http://www.sec.gov). THE COMPANY'S STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. The Company, its directors, executive officers and certain members of management and employees may be considered "participants in the solicitation" of proxies from the Company's stockholders in connection with certain of the matters discussed in this news release. Information regarding such persons and their interests in the Company is contained in the Company's proxy statements and annual reports on Form 10-K filed with the SEC. Stockholders and investors may obtain additional information regarding the interests of the Company and its directors and executive officers in the matters discussed in this news release, which may be different than those of the Company's stockholders generally, by reading the proxy statement and other relevant documents regarding the matters discussed in this news release, which are expected to be filed with the SEC.
Regulatory Filings
The Company's periodic reports as filed with the SEC can be accessed at fremontgeneral.com and on the EDGAR section of the SEC's website at sec.gov.
About Gerald J. Ford
Over the past 30 years, Gerald J. Ford has acquired, consolidated and sold more than 40 financial institutions and financial services companies, including mortgage lenders and depository institutions. Mr. Ford was chairman and Chief Executive Officer of Golden State Bancorp Inc. from 1994 through 2002 when the Company was sold to Citigroup for $5.8 billion.
About Fremont General
Fremont General Corporation is a financial services holding company. To find out more about Fremont General, or to subscribe to the Company's email alert feature for notification of Company news and events, please visit fremontgeneral.com.
Forward-Looking Statements
This news release may contain "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. |
