Hovde Group CEO Steven Hovde was elected as a director
.jpg)
Owens Realty Mortgage has disclosed that Bryan Draper and Steven Hovde were elected to its board during the company’s 2018 annual meeting of stockholders.
Owens Realty had nominated Draper along with James Kessler, while investment banking firm The Hovde Group nominated Hovde along with James Hua. Hovde is chairman and CEO of the Chicago-based firm.
“I am honored shareholders have provided their support in our pursuit to fix ORM,” Hovde said. “I look forward to working with the board to further our goal of creating, enhancing, and protecting shareholder value. I would like to thank ORM shareholders for their support.”
In a proxy solicitation, a group of Owens Realty shareholders had outlined the following agenda: renegotiating the company’s external manager contract, overseeing a formal review of existing loans and lending policies, and instituting a capital allocation plan that is beneficial to all shareholders.
Hovde’s nomination for a seat on the board was supported by independent proxy advisory firms Institutional Shareholder Services and Glass Lewis.
Related stories:
Owens Realty Mortgage board responds to Hovde Group amid board challenge
Mortgage company investors demand its liquidation
