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PN

Patriot National

$6.73

-0.12 (-1.75%)

16:16
11/23/16
11/23
16:16
11/23/16
16:16

Patriot National: Court order enjoins company form issuing special cash dividend

On November 21, 2016, in connection with the previously disclosed lawsuit filed by Hudson Bay Master Fund Ltd. in the United States District Court for the Southern District of New York against Patriot National, Steven M. Mariano, our Chairman and Chief Executive Officer, and American Stock Transfer Company, LLC as a nominal defendant, the Court granted a temporary restraining order enjoining the Company from issuing a special cash dividend of $2.50 per share of common stock on December 9, 2016, unless the Company first places $57.5 million in escrow pending a hearing on December 1, 2016. At the December 1, 2016 hearing, the Court will consider whether a preliminary injunction will be ordered that would continue to prohibit the Company from issuing a special cash dividend of $2.50 per share of common stock. The Company is vigorously opposing the request for the issuance of a preliminary injunction. The Company previously announced the special dividend in a press release and Form 8-K filed with the Securities and Exchange Commission on November 14, 2016. Subject to any further order of the Court extending the temporary restraining order or issuing a preliminary injunction, the Company expects to pay the announced special dividend as planned on December 9, 2016 to shareholders of record at the close of business on November 28, 2016. The restraining order was issued without a hearing and the Company is confident that it will prevail on the merits at the December 1, 2016 hearing. The Company has been indemnified for any losses related to this litigation by Mr. Mariano.

PN Patriot National
$6.73

-0.12 (-1.75%)

02/26/16
RHCO
02/26/16
DOWNGRADE
Target $5
RHCO
Neutral
Patriot National downgraded to Neutral from Buy at SunTrust
SunTrust analyst Mark Hughes downgraded Patriot National to Neutral following the Q4 miss and reduced 2016 guidance. The analyst is now modeling 2016 at the low end of management guidance and is no longer confident in forecasting abilities or how to adequately gauge fundamental drivers. Hughes lowered his price target on Patriot shares to $5 from $21.
05/13/16
COMP
05/13/16
DOWNGRADE
Target $10
COMP
Neutral
Patriot National downgraded to Neutral from Buy at Compass Point
Compass Point analyst Kenneth Billingsley downgraded Patriot National to Neutral with a $10 price target.
11/09/16
COMP
11/09/16
UPGRADE
COMP
Buy
Patriot National upgraded to Buy from Neutral at Compass Point
11/16/16
UBSW
11/16/16
DOWNGRADE
Target $6.5
UBSW
Neutral
Patriot National downgraded to Neutral from Buy at UBS
UBS analyst Brian Meredith downgraded Patriot National to Neutral saying the new term loan will lower his 2017 and 2018 earnings estimates by around 25%. The analyst has lower confidence in the company's organic revenue growth and thinks the $2.50 per share special dividend may not be the best use of capital. Meredith cut his price target for Patriot National shares to $6.50 from $12.

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