UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 23, 1999
OCWEN ASSET INVESTMENT CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
VIRGINIA 001-14043 65-0736120
(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
THE FORUM, SUITE 1000
1675 PALM BEACH LAKES BOULEVARD,
WEST PALM BEACH, FLORIDA 33401
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
(561) 682-8000
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
<PAGE>
ITEM 5. OTHER EVENTS
The news release of the Registrant dated August 23, 1999, announcing the
declaration of a cash dividend of $0.82 per share to shareholders of record on
August 30, 1999, payable on the earlier of the closing of the previously
announced merger of the Registrant with Ocwen Financial Corporation or November
8, 1999, is attached hereto and filed herewith as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable
(c) Exhibits
(99.1) Text of a press release by the Registrant dated August
23, 1999.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
OCWEN ASSET INVESTMENT CORP.
(Registrant)
By: /s/ MARK S. ZEIDMAN
--------------------------------------------
Mark S. Zeidman
Senior Vice President and
Chief Financial Officer
Date: August 24, 1999
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<PAGE>
INDEX TO EXHIBIT
Exhibit No. Description Page
- ----------- ----------- ----
99 The news release of the Registrant dated August 23, 5
1999, announcing the declaration of a cash dividend
of $0.82 per share to shareholders of record on
August 30, 1999, payable on the earlier of the
closing of the previously announced merger of the
Registrant with Ocwen Financial Corporation or
November 8, 1999.
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[GRAPHIC OMITTED] OCWEN ASSET INVESTMENT CORP.
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FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT:
A. RICHARD HURWITZ
VP, CORPORATE COMMUNICATIONS
T: (561) 682-8575
E: [email protected]
OCWEN ASSET INVESTMENT CORP.
DECLARES 1998 REIT DIVIDEND
WEST PALM BEACH, FL - (August 23, 1999) Ocwen Asset Investment Corp., a publicly
traded real estate investment trust (NYSE: OAC), today announced that it has
declared a cash dividend of $0.82 per share to shareholders of record on August
30, 1999, payable on the earlier of the closing of the previously announced
merger of OAC with Ocwen Financial Corporation (NYSE: OCN) or November 8, 1999.
Payment of this dividend was previously deferred by the Company's Board of
Directors in December 1998.
Ocwen Asset Investment Corp., a real estate investment trust headquartered in
West Palm Beach, Florida, has invested in underperforming commercial real
estate, subordinate commercial mortgage-backed securities, subordinate and
residual residential mortgage-backed securities, and commercial and residential
mortgage loans. Additional information about Ocwen Asset Investment Corp. is
available at www.ocwen.com - OAC.
CERTAIN STATEMENTS CONTAINED HEREIN ARE NOT BASED ON HISTORICAL FACTS AND ARE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE FEDERAL SECURITIES LAWS.
THESE FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY REFERENCE TO A FUTURE
PERIOD(S) OR BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS "BELIEVE,"
"EXPECT," OR FUTURE OR CONDITIONAL VERB TENSES. ACTUAL RESULTS COULD DIFFER
MATERIALLY FROM THOSE INDICATED IN SUCH STATEMENTS DUE TO RISKS, UNCERTAINTIES
AND CHANGES WITH RESPECT TO A VARIETY OF FACTORS, INCLUDING, BUT NOT LIMITED TO,
THE ABILITY OF OCWEN FINANCIAL AND OAC TO CONSUMMATE THE MERGER, SATISFACTION OR
FULFILLMENT OF AGREED UPON TERMS AND CONDITIONS OF CLOSING OR PERFORMANCE,
ABILITY TO REPAY OR REFINANCE INDEBTEDNESS (AT MATURITY OR UPON ACCELERATION)
sAND THE MARKET PRICES OF THE COMMON STOCK OF OCWEN FINANCIAL AND OAC. FOR
ADDITIONAL FACTORS THAT MAY IMPACT FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT
OR OTHER FORWARD-LOOKING STATEMENTS MADE BY OAC FROM TIME TO TIME, PLEASE REFER
TO EXHIBIT 99.2 TO OAC'S MOST RECENT ANNUAL REPORT ON FORM 10-K FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION.
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