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.
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.
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.