NORFOLK, Va., June 10, 2013 (GLOBE NEWSWIRE) -- Portfolio Recovery Associates, Inc. (PRA), a business and financial services company operating in the U.S. and U.K., today announced that its Board of Directors approved a three-for-one split by means of a stock dividend (the "Split") of PRA's common stock (Nasdaq:PRAA). This Split is PRA's first stock split (by means of a stock dividend or otherwise) since the company's initial public offering in 2002.
As a result of the Split, PRAA stockholders will receive two additional shares of PRAA common stock for every one share held at the close of business on July 1, 2013. The additional shares will be distributed on or about August 1, 2013.
"This split will make PRAA common stock attractive to a broader range of potential investors and will increase liquidity in the trading of PRAA common stock," said Steve Fredrickson, chairman, president and chief executive officer, PRA. "PRA experienced strong financial results in the first quarter of 2013, following record growth in 2012. As we continue to buy a growing amount of unsecured and secured, consumer debt, while better connecting with a growing number of customers ready to pay down their debt, PRA is poised to sustain growth in the years ahead," Fredrickson said.Stockholders with questions about the Split may visit the PRAA Stock Split and Stock Dividend section of PRA's Investors website at www.PortfolioRecovery.com available later today. Stockholders with questions about their PRAA stock account may contact PRA's stock transfer agent, Continental Stock Transfer and Trust Company, at 800-509-5586. About PRA As a leader in the U.S. debt buying industry, PRA, returns capital to banks and other creditors that helps expand financial services for consumers. PRA collaborates with its customers to create affordable, realistic debt repayment plans. The company also provides a broad range of fee-based services to local governments and law enforcement, U.S. businesses, institutional investors, global hedge funds, and U.K. banks and creditors.