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Article: Advance America shells out $150 million in 2 stock buybacks.
- Article from:
- Herald-Journal (Spartanburg, SC)
- Article date:
- September 12, 2006
CopyrightCOPYRIGHT 2006 Herald-Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ben Werner
Sep. 12--Advance America, Cash Advance Centers, prides itself on offering quick cash solutions to borrowers in need.
Lately, the Spartanburg-based payday lender also has offered cash to its shareholders -- up to a $150 million in the form of two stock buybacks.
Publicly traded companies routinely use extra cash to buy back stock from shareholders to increase the value of shares.
Does Advance America's board need to make such a move to reward shareholders, who have stood by a company in an industry under fire?
"They believe this is an attractive investment for the company and investors," said Jamie Fulmer, ...