Cabot Credit Management Decides to Not Go Forward with Initial Public Offering
November 16 2017 - 9:00AM
Encore Capital Group (NASDAQ:ECPG) today announced that its
U.K.-based subsidiary Cabot Credit Management has decided to not go
forward with its previously announced initial public offering as a
result of unfavorable equity market conditions in the U.K.
“Our fundamental view of Cabot as a clear leader
in the European debt recovery market remains unchanged,” said
Ashish Masih, Encore’s President and Chief Executive Officer.
“Cabot is delivering strong results and remains a strategically
important subsidiary with a well-established leadership position in
the U.K. Our intent all along has been to retain a significant
ownership position in Cabot, even after an IPO. We believe
today’s decision is the right one for Encore and our stakeholders
and we will reevaluate our options over time. Cabot has sufficient
access to capital in order to fund its growth and will continue to
execute on its business plan.”
About Encore Capital Group, Inc.
Encore Capital Group is an international
specialty finance company that provides debt recovery solutions and
other related services for consumers across a broad range of
financial assets. Through its subsidiaries around the globe, Encore
purchases portfolios of consumer receivables from major banks and
credit unions.
Encore partners with individuals as they repay
their debt obligations, helping them on the road to financial
recovery and ultimately improving their economic well-being. Encore
is the first and only company of its kind to operate with
a Consumer Bill of Rights that provides industry-leading
commitments to consumers. 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 Small Cap
600 and the Wilshire 4500. More information about the company can
be found at http://www.encorecapital.com. More information
about the Company's Cabot Credit Management subsidiary can be found
at http://www.cabotcm.com. Information found on the company’s or
Cabot’s website is not incorporated by reference.
Forward Looking Statements
The statements in this press release that are
not historical facts, including, most importantly, those statements
preceded by, or that include, the words “will,” “may,” “believe,”
“projects,” “expects,” “anticipates” or the negation thereof, or
similar expressions, constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
(the “Reform Act”). These statements may include, but are not
limited to, statements regarding our future operating results,
performance, business plans or prospects. For all “forward-looking
statements,” the Company claims the protection of the safe harbor
for forward-looking statements contained in the Reform Act. Such
forward-looking statements involve risks, uncertainties and other
factors which may cause actual results, performance or achievements
of the Company and its subsidiaries to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. These risks,
uncertainties and other factors are discussed in the reports filed
by the Company with the Securities and Exchange Commission,
including the most recent reports on Forms 10-K and 10-Q, each as
it may be amended from time to time. The Company disclaims any
intent or obligation to update these forward-looking
statements.
Contact:
Bruce ThomasEncore Capital Group, Inc.Vice President, Investor
Relations(858) 309-6442bruce.thomas@encorecapital.com
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