Paul A. Caldwell

Noonday Asset Management seeks a variety of investment opportunities including private direct investments, value investments, credit investments, merger arbitrage investments and real estate investments. The firm invests globally in both developed and emerging markets. Though not limited by sector, they tend to invest in the stocks of small- cap and large-cap companies in the commercial services and process industries sectors. The firm maintains a medium turnover rate. Noonday Asset Management is known to engage in shareholder activist investment strategies. Noonday Asset Management makes direct investments, structured as either debt or preferred stock, in companies with significant franchise value, healthy cash flow and strong management teams with aligned incentives. The firm typically invests in the financial services, healthcare, energy and infrastructure sectors in the US, Europe, Australia and Asia. Noonday Asset Management makes value-oriented investments in securities that they believe are underpriced relative to their intrinsic or fundamental value or relative to other securities or indices. They look for a catalyst that may cause an increase in value such as regulatory or legislative change, changing business models, competition, significant corporate events such as spin-offs, recapitalizations, mergers and acquisitions, litigation events and strategic realignments. The firm also invests in companies whose debt is inexpensive relative to its underlying risk. This may include companies experiencing financial distress or whose credit is poor but expected to improve. Noonday Asset Management focuses on investments in non-investment grade debt in leveraged or underperforming companies. The firm also targets companies experiencing a liquidity crisis, defaulting on their debt obligations, filing for bankruptcy protection or undergoing other corporate events. Investments typically are made in anticipation of strengthening credit, a recapitalization, reorganization, liquidation or a repayment or refinancing. These investments include mainly debt securities and instruments such as bonds, bank debt, trade or other claims. Noonday Asset Management's merger arbitrage effort focuses on corporate takeovers. Investments are made to capture the rate of return between the current and projected values of securities of companies involved in a merger or acquisition. The firm typically establishes a position (usually a purchase of common stock) in an announced takeover candidate and if the proposed merger or acquisition is structured as a share-for-share transaction, takes a short position in the company making the acquisition. Their arbitrage positions may be US, international or cross-border. Noonday Asset Management invests directly in real estate assets, including fee simple interests, leaseholds, mortgages or other real estate assets that they believe are undervalued or inefficiently managed or financed. Their activities include purchasing, selling or developing office, industrial, retail and residential properties.

Provides brokerage services

Functions as a College/University

Functions as an alternative investment manager