CCRT buyback at $10

Discussion in 'Stocks' started by m22au, Aug 16, 2012.

  1. m22au


    Looks like the company is trying its best to start a short squeeze.

    "CompuCredit Holdings Corporation Announces Tender Offer to Purchase up to 8,250,000 Shares of Its Common Stock"

    ATLANTA, GA--(Marketwire -08/15/12)- CompuCredit Holdings Corporation (CCRT) ("CompuCredit") today announced that it has commenced a cash tender offer (the "Tender Offer") for up to 8,250,000 shares of its outstanding common stock, no par value per share (the "Common Stock"), at a purchase price of $10.00 per share.

    As of August 14, 2012 there were approximately 23.7 million shares of Common Stock outstanding (including approximately 1.7 million loaned shares).


    float 6.68 million

    float 6.68 + 1.7 on loan = 8.38 million shares

    very close to the 8.25 million buyback amount.

    I have no position, but I am thinking it might be a good short candidate once the tender deadline passes:

    "The Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on September 12, 2012,"

    10-Q as at 30 June 2012: