BGC Partners Unloading Stock (BGCP)
BGC Partners (NASDAQ: BGCP), formerly eSpeed, has made a shelf filing with the SEC. It intends to offer up to $460 million additional Class A Common Stock. Interestingly enough, the he global inter-dealer broker currently has its market cap is listed as $602 million.
The company intends to used the proceeds for the offering for buying back Class A Common Stock from certain executive officers, as well as any other general corporate purposes.
The underwriter for the offering is Deutsche Securities.The company generated a net income of $31 million in 2007. Shares are down marginally by $0.07 to $11.91. The 52-week range is $7.02 to $12.97.
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Jon C. Ogg
April 18, 2008
Jon Ogg is a producer and editor of the Special Situation newsletter and the “10 Stocks Under $10” weekly newsletter for 247Wallst.com.