Portfolio Recovery Associates, Inc. or PRA, a business and financial services company operating in the U.S. and U.K., said its board approved a three-for-one split by means of a stock dividend of PRA's stock (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.
Therefore, PRAA stockholders would receive two additional shares of PRAA stock for every one share held at the close of business on July 1, 2013. The additional shares would be distributed on or about August 1, 2013.
Steve Fredrickson, chairman, president and chief executive, PRA stated: "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."
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