American Physicians Service Group to sell 2.3M shares

Austin Business Journal

The medical professional liability insurance provider American Physicians Service Group Inc. wants to raise at least $10 million by offering 2.3 million shares to the public soon.

APS [NASDAQ: AMPH] Senior Vice President of Finance Bill Hayes says the company’s dividend this year is 30 cents per share, and a market price will be set in June according to what interest is.

Of the 2 million shares, Chairman and CEO Kenneth Shifrin will offer 300,000 of the 582,554 shares he owns.

At latest trade, shares of APS were trading at $17.77

Hayes says the company plans to use roughly $10 million of its proceeds from the public offering to a group APS acquired in April, the American Physicians Insurance Company. The remainder of the public offering proceeds could be used for future acquisitions, Hayes says.

APS is a management and financial services company that provides medical malpractice insurance services for doctors, and brokerage and investment services for institutions and high-net-worth individuals.

The company filed to go public in 2006.
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