Credit Acceptance Corp. (Nasdaq:CACC) announced the final results of their tender offer, which expired at 5:00 p.m., Eastern Standard time, on March 10, 2011. The company commenced the tender offer on February 9, 2011 to purchase up to 1,904,761 shares of their outstanding common stock at a price of $65.625 per share, net to the seller in cash, without interest. Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, 16,186,614 shares of common stock were properly tendered and not properly withdrawn. Because more than the maximum 1,904,761 shares were tendered, we purchased only a prorated portion of the shares tendered by each tendering shareholder, other than odd lot shareholders, as described in their Offer to Purchase. The proration factor used by us in accepting for purchase tendered shares was approximately 11.8%.
Credit Acceptance Corporation provides auto loans to consumers primarily in the United States. The company primarily provides the portfolio and purchase programs. Its portfolio program comprises advancing money to dealer-partners in exchange for the right to service the underlying consumer loan; and the purchase program includes buying the consumer loan from the dealer-partner and keeping various amounts collected from the consumer.
Cleantech Transit Inc. ("Cleantech") (OTCBB:CLNO) was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects that can maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (phoenixenergy.net). This project can generate shareholder returns as well benefit the Company's manufacturing clients worldwide.
The National Energy Technology Laboratory completed a resource assessment for the Federal Energy Management Program to determine the potential for wood-waste projects at federal facilities. The assessment analyzed data reported by the wood products industry and indicates abundant opportunities for using this resource:
• There are more than 12,000 sources of wood residues in the United States.
• There is at least one substantial source of wood waste from manufacturing within 50 miles of virtually every federal facility.
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