Asset Acceptance Capital Corp. today announced its Board of Directors has authorized the repurchase of up to 2.5 million shares, or approximately 6.7 percent of the Company’s outstanding common stock. Asset Acceptance reported 37,205,115 shares outstanding as of April 27, 2006.
Repurchases will be made in accordance with applicable insider trading and other securities laws and regulations in the open market. The Company will assess market conditions and buying opportunities from time to time and will make strategic repurchases as appropriate.
“The board and senior management team believe our stock represents an attractive value at recent levels,” said Brad Bradley, Chairman, President and CEO. “At March 31, 2006, we had nearly $70 million in cash, no debt on the balance sheet and an available line of credit of $100 million. We believe this investment is a prudent capital appropriation strategy that reaffirms our commitment to building shareholder value over the long term.”
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