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Friday, Feb 3, 2023
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Briefs: Home Sales, Signature, Ixia

Housing sales continued to slow and prices rose during November, according to a report from the San Fernando Valley Economic Research Center at Cal State Northridge. The number of home sales in November totaled 971, a decline of 23 percent compared to November last year. The average price of a Valley home increased 9 percent to $550,000 during the last 12 months, the report found. “This year has been one of consistently slow home sales and we are seeing a further expected slowdown as we move in the end of the year,” the report stated. “We expect this slowdown to continue into at least March of 2015.” Signature Group Holdings Inc. announced Wednesday the pricing of its debt issue to finance the purchase of an aluminum recycling business. The Sherman Oaks investment firm plans to sell 10 percent senior secured notes due 2019 in the amount of $305 million. The notes have been rated B3 and B by Moody’s and S&P, respectively. Signature anticipates closing the sale of the notes by Jan. 8. In October, Signature announced it will acquire Global Recycling and Specification Alloys, a recycling operation with 124 metal and alloy recycling service facilities in the U.S. and Europe, for $525 million. In addition to the note issue, money will come from a secondary equity offering, issuance of preferred shares and cash on hand. Shares closed up 32 cents or 4.6 percent to $7.30 on the over-the-counter market. Ixia has reached an agreement to replace its corporate counsel and secretary. The Calabasas computer networking software developer said in filings Tuesday that Ronald Buckly will resign as general counsel and corporate secretary effective Dec. 31. The board has appointed Matthew Alexander, who currently serves as the company’s deputy general counsel and assistant corporate secretary, to replace him. Buckly will continue to work at the company as vice president of corporate affairs. He will receive an annual salary of $350,200, according to the filing with the Securities and Exchange Commission. Shares closed down 10 cents or less than 1 percent to $10.80 on the Nasdaq.

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