IEGH is continuing to be aggressive on creating shareholder value. Coming off of its most recent filing to acquire up to all of the outstanding common stock of OneMain Holdings, Inc., today IEGH announced that its Board of Directors has authorized the repurchase of common shares totaling up to $2 million dollars. An alert from Trade Ideas brought the release to our attention.
IEGH Repurchase Shares
Purchases under the program are authorized through December 31, 2017, and, at current prices, would represent authorization to repurchase approximately 10% and 2% of the total outstanding non-affiliate and affiliate shares, respectively.
IEGH management stated that this authorization further reflects their commitment to enhancing shareholder value and to building confidence within the shareholder base. Management believes that this repurchase program is a strategic investment and is an appropriate use of corporate funds.
IEGH plans to purchase shares in open market transactions from time to time, with management determining the actual timing, number, and value of the shares being purchased.
IEGH is a rapidly expanding online lender with a model to provide cash loans of between $5,000 and $10,000 to qualified applicants. Under its Mr. Amazing Loans brand, IEGH is currently conducting business in 19 states,with expectations to expand into 25 states by the middle of 2017.
CNA Finance will keep its followers apprised of any additional developments.
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