Loading...
Loading...
The U.S. Department of the Treasury today announced that it
would continue to wind down its investment in Ally Financial (Ally) by
selling additional shares of common stock through its first pre-defined
written trading plan. Treasury currently holds 75,065,340 shares, or
approximately 16 percent of Ally common stock.
"Treasury's sale of additional Ally common stock is part of our continuing
effort to wind down the Troubled Asset Relief Program (TARP)," said Chief
Investment Officer Charmian Uy. "We will prudently exit the remaining Ally
investment, balancing speed with maximizing returns for taxpayers."
As part of Ally's initial public offering in April, Treasury sold 95,000,000
shares of Ally common stock at $25.00 per share for $2.375 billion dollars
in proceeds to taxpayers. The underwriters of the IPO later exercised their
option to purchase 7,245,670 additional shares at the IPO price, recovering
an additional $181 million for taxpayers. Taxpayers have now recovered
approximately $17.8 billion on the Ally investment, roughly $650 million
more than the original $17.2 billion investment.
To date, taxpayers have recovered a total of $439.8 billion on TARP
investments including the sale of Treasury's AIG shares, compared to $424.8
billion disbursed. For more details on Treasury's lifetime cost estimates
for TARP programs, please visit Treasury's Monthly 105(a) Report to Congress
on TARP at this link.
There will be opportunities for smaller broker dealers, including women and
minority-owned broker dealers, to participate in the sale of Treasury's
remaining Ally common shares pursuant to the plan.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any shares of Ally common stock.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: NewsPress Releases
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in