SpringOwl Issues Statement Regarding Recent Forestar Board Announcement

NEW YORK, Sept. 29, 2015 /PRNewswire/ -- SpringOwl Asset Management LLC and its affiliates ("SpringOwl") today announced their strong support for the actions taken by Forestar Group Inc. (NYSE: FOR) following SpringOwl's call for change and welcomes Phillip J. Weber as the new Chief Executive Officer effective September 25, 2015, as well as his appointment to the Board of Directors.  SpringOwl also looks forward to Board member James A. Rubright becoming the Chairman of the Board upon the retirement of current Chairman Kenneth M. Jastrow II on December 31, 2015, and joins Mr. Jastrow in thanking James M. DeCosmo, departed President and Chief Executive Officer, for his service to Forestar.  

"We commend the Forestar Board of Directors on this timely transition and on recent steps to focus the business primarily on real estate development. We look forward to working with the new Board and management to continue to maximize shareholder value," said Andrew M. Wallach, co-CEO of SpringOwl. 

SpringOwl signed a Director Nomination Agreement on February 9, 2015 to add two new directors to the Board of Forestar.

About SpringOwl Associates LLC
SpringOwl Associates LLC (SpringOwl) is a New York-based investment adviser with a fundamental value approach to investing in publicly traded companies.  SpringOwl actively engages with boards of directors and management teams to seek to unlock value for the benefit of all shareholders.   SpringOwl commenced operations in 1970 under the name of Cumberland Associates, and is wholly owned and controlled by SpringOwl Asset Management LLC.  The principal owners of SpringOwl Asset Management LLC are Jason N. Ader and Andrew M. Wallach. 

SOURCE SpringOwl Asset Management LLC