Financial Business Recap: Penson Worldwide Delisted, RBS Divests Direct Line

In the third quarter, American Capital (NASDAQ:ACAS) bought back 11.4 million shares, which represents 3.6 percent of those outstanding as of June 30th. The firm repurchased the shares at an average price of $10.99, amounting to $125 million; shares closed Thursday at $11.31.

Shares of Penson Worldwide (NASDAQ:PNSN) lost more than 40 percent Thursday as the company notified Nasdaq that it wants to voluntarily delist from Nasdaq Global Select Market, and in addition will deregister with the Securities and Exchange Commission on or about October 8th. The firm was unable to keep a minimum of $10 million in stockholders’ equity which is required for continual listing pursuant to applicable NASDAQ rules.

Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>

The Royal Bank of Scotland (NYSE:RBS) will divest shares in its Direct Line insurance division for less than anticipated, so as to attract investors, according to The Financial Times. Direct Line will be valued at the mid-point of its target price-range, at £2.6 billion, which is under the consensus range of £2.7 billion to £2.9 billion; a few banks were pushing for £3.4 billion.

Lloyds Banking Group (NYSE:LYG) international division, BOS International, is said to have put up for sale a distressed Australian corporate loan portfolio having a face value of approximately $400 million. This move will in effect represent the end of the bank’s involvement in commercial real estate in Oz.

Don’t Miss: Why is Goldman Sachs in Trouble with the SEC?


To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Premium Newsletters

Stock Investor Cheat Sheet

Stock Investor Cheat Sheet®

The ultimate Cheat Sheet for finding winning stock picks.
Learn More

Gold & Silver Newsletter

Gold & Silver

Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
Learn More

Commodities Premium Newsletter

Commodities Premium

There's always a bull market in some sector! Find the best opportunities in commodities.
Learn more

ETF Investing

ETF Investing

At last, a trading system that buys the right ETFs at the right time, time after time!
Learn more

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business