8th Oct 2013 09:56
LONDON (Alliance News) - Shares in debt collection company Arrow Global rose well above their offer price Tuesday, valuing the company at about GBP389 million.
The company priced its sale of a 52.8% stake in the company at 205 pence a share, but the stock was trading at 222.75 pence Tuesday morning after opening 9% higher.
The sale was expected to raise gross proceeds of about GBP50 million for the company and nearly GBP140 million for the sellers, including the RBS Special Opportunities Fund, which is keeping a 29.2% stake in Arrow Global.
"Our focus now is on continuing to drive growth, leveraging our sophisticated data and analytics capabilities, in order to offer investors a highly cash generative business with significant earnings visibility," Chief Executive Tom Drury said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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