Orange Capital Reduces Exposure To PHH Corporation (PHH); Pine River Capital Management Reports Position in iSoftStone Holdings Ltd (ADR) (ISS)

In a newly amended filing with the U.S. Securities and Exchange Commission, Orange Capital, managed by Daniel Lewis, has revealed cutting its position in PHH Corporation (NYSE:PHH). According to the filing, Orange Capital currently holds 1.65 million shares, a significant decrease from 4.11 million shares the fund held previously. The new position is equal to 2.9% of common stock outstanding.

PHH Corporation

With a market cap of $1.36 billion, PHH Corporation (NYSE:PHH) is a provider of end-to-end mortgage solutions through its subsidiary PHH Mortgage. Last week, the company announced that it completed the sale of its Fleet Management Services business d/b/a PHH Arval to Element Financial Corp. for cash consideration of $1.4 billion. The company’s board of directors authorized up to $450 million in share repurchases, including a $200 million accelerated stock repurchase (ASR) program, which is expected to commence after the release of its second quarter earnings, and up to $250 million in open market purchases over the 12 months following the completion of the ASR.

Aside from Orange Capital, Emanuel J. Friedman’s EJF Capital holds 4.19 million shares of the company, and Glenview Capital, managed by Larry Robbins, owns 2.81 million shares.

In a separate filing, Brian Taylor’s Pine River Capital Management has revealed holding 2.95 million American Depositary Shares of iSoftStone Holdings Ltd (ADR) (NYSE:ISS). The new position represents 5.0% of the class. iSoftStone Holdings Ltd (ADR) (NYSE:ISS) is a China-based IT services provider. In April, the company entered into a definitive agreement and plan of merger with New iSoftStone Holdings Limited and New iSoftStone Acquisition Limited, pursuant to which New iSoftStone Holdings will acquire iSoftStone for US$0.57 per ordinary share of the company or US$5.70 per American depositary share, each representing ten shares, according to a press release.

Other largest shareholder of the company include Emanuel J. Friedman’s EJF Capital, and Jim Simons’ Renaissance Technologies, owning 194,372 shares and 127,357 shares, respectively.

Disclosure: none

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