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ISS recommends Owens Realty shareholders vote for activist's board nominees

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ISS recommends Owens Realty shareholders vote for activist's board nominees

Proxy advisory firm Institutional Shareholder Services recommended that Owens Realty Mortgage Inc. shareholders vote for activist investor Hovde Capital Advisors LLC's director nominees Steven Hovde and James Hua.

ISS said the addition of Hovde Capital's nominees to the board would "improve governance oversight" and would end or restructure Owens Realty's conflicted management contract with its external manager.

Hovde Capital CEO Eric Hovde has alleged there are conflicts of interest among Owens Realty, its external manager Owens Financial Group Inc., and its shareholders. Hovde has also accused the company of lacking insider ownership, performing poorly for shareholders and failing to improve its business and capital allocation strategies.

Shareholders will vote on the matter at the annual meeting on July 16.