November 16, 2012 http://www.insidearm.com/daily/debt-buying-topics/debt-buying/encore-capital-group-announces-50-million-share-repurchase-program/ Encore Capital Group, Inc. (NASDAQ: ECPG), through its subsidiaries, a leading provider of debt management and recovery solutions for consumers and property owners across a broad range of assets, today announced the approval of a $50 million share repurchase program by its Board of Directors. The share repurchase program is expected to be executed over the course of the next year.
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?Our continued solid financial performance, together with our new $575 million credit facility and strong balance sheet, will enable us to take the fullest advantage of market opportunities and return capital to shareholders,? said Paul Grinberg, Executive Vice President and Chief Financial Officer. ??Today?s announcement shows our team?s confidence in our prospects, and is consistent with our mission of allocating capital in a way that provides the greatest return for our shareholders.?
The company may purchase shares on the open market, through private transactions, block transactions, or other methods as determined by the Company?s management and Board, and in accordance with market conditions, other corporate considerations, and applicable regulatory requirements.
Encore Capital Group is a leading provider of debt management and recovery solutions for consumers and property owners across a broad range of assets. Through its subsidiaries, the Company purchases portfolios of consumer receivables from major banks, credit unions, and utility providers, and partners with individuals as they repay their obligations and work toward financial recovery. Through its Propel Financial Services, LLC subsidiary, the Company assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans.
Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P SmallCap 600, and the Wilshire 4500. More information about the Company can be found at www.encorecapital.com.
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