LAS VEGAS, NV -- (Marketwired) -- 06/23/17 -- IEG Holdings Corporation (OTCQB: IEGH) ("IEG Holdings") announced that it has sold 100% of its 151,994 OneMain Holdings, Inc. ("OneMain") shares for $3.4 million in cash. As at June 22, 2017, IEG Holdings' total cash on hand, including the OneMain sale proceeds, was $3.7 million. The funds are planned to be used predominately for significantly increased lending to new customers in the third quarter of 2017 and also for company share repurchases of IEG Holdings stock.
Paul Mathieson, IEG Holdings' Chairman and Chief Executive Officer, said, "In light of OneMain's complete lack of response to our written letter of demands sent on June 16, 2017 combined with the substantial undersubscription of our tender offer, we decided to liquidate 100% of our OneMain investment. We now have serious concerns for the future survival of OneMain due to its refusal to even consider our demands of fixing its archaic 'brick and mortar' strategy and/or significantly cut operating expenses. We believe our assets are much better utilized in providing loans to our customers via our leading online strategy. The OneMain tender offer was very successful for IEG Holdings resulting in both a significant increase in shareholders equity and net asset per share value. We welcome our new ex OneMain shareholders and hope to achieve strong revenue growth in the second half of 2017."
About IEG Holdings Corporation
IEG Holdings Corporation provides online $5,000 and $10,000 unsecured consumer loans under the brand name, "Mr. Amazing Loans," via its website, www.mramazingloans.com. For more information about IEG Holdings, visit www.investmentevolution.com.
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IEG Holdings Corporation
Chairman/CEO and Founder
Source: IEG Holdings Corp.