<SEC-DOCUMENT>0001193125-12-475640.txt : 20121119
<SEC-HEADER>0001193125-12-475640.hdr.sgml : 20121119
<ACCEPTANCE-DATETIME>20121119161155
ACCESSION NUMBER:		0001193125-12-475640
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20121119
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121119
DATE AS OF CHANGE:		20121119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENCORE CAPITAL GROUP INC
		CENTRAL INDEX KEY:			0001084961
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				481090909
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26489
		FILM NUMBER:		121214727

	BUSINESS ADDRESS:	
		STREET 1:		3111 CAMINO DEL RIO NORTH
		STREET 2:		SUITE 1300
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92108
		BUSINESS PHONE:		877-445-4581

	MAIL ADDRESS:	
		STREET 1:		3111 CAMINO DEL RIO NORTH
		STREET 2:		SUITE 1300
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCM CAPITAL GROUP INC
		DATE OF NAME CHANGE:	19990430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDLAND CORP OF KANSAS
		DATE OF NAME CHANGE:	19990423
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d441667d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, DC 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section 13 or 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of report (Date of earliest event reported): November 19, 2012 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>ENCORE CAPITAL GROUP, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact Name of Registrant as Specified in Charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>000-26489 </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>48-1090909 </B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3111 Camino Del Rio North, Suite 1300, San Diego, California </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>92108 </B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(877) 445-4581 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Events. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On
November 19, 2012, Encore Capital Group, Inc. (the &#147;Company&#148;) issued a press release announcing its intention to offer $100,000,000 aggregate principal amount of convertible senior notes due 2017 in a private offering that is exempt from
the registration requirements of the Securities Act of 1933, as amended. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(d)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibits.</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:28pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press release dated November 19, 2012.</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="46%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">ENCORE CAPITAL GROUP, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: November 19, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Paul Grinberg</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paul Grinberg</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President, Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:28pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press release dated November 19, 2012.</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d441667dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Encore Capital Group, Inc. </I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g441667ex99_1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For Immediate Release </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Encore Capital Group, Inc. Announces Private Placement of Convertible Senior Notes </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SAN
DIEGO &#151; November 19, 2012</B>/PRNewswire-FirstCall/ &#151; Encore Capital Group, Inc. (NASDAQ: ECPG) (the &#147;Company&#148;) today announced that it has commenced a private offering, subject to market and other conditions, of $100,000,000
aggregate principal amount of convertible senior notes due 2017 (the &#147;notes&#148;). In connection with the offering, the Company expects to grant the initial purchasers an option to purchase up to an additional $15,000,000 aggregate principal
amount of such notes to cover sales in excess thereof. The notes will be convertible, if certain conditions are met, into cash and, in certain circumstances, shares of the Company&#146;s common stock, based on a volume-weighted average price of the
common stock on each day of an observation period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company intends to use: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a portion of the net proceeds from this offering to pay the cost of certain convertible note hedge transactions (described below), taking into account
the proceeds to the Company of certain warrant transactions (described below); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">up to $25 million of the net proceeds from this offering to repurchase shares of the Company&#146;s common stock from purchasers of notes in this
offering in privately negotiated transactions concurrently with this offering; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">approximately $61.5 million of the net proceeds from this offering to repay borrowings under the Company&#146;s revolving credit facility; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the remainder of the net proceeds from this offering, if any, for general corporate purposes. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the initial purchasers exercise their option to purchase additional notes, the Company may sell additional warrants. The Company intends to use the
resulting additional proceeds of the sale of the additional notes and any additional warrants: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to pay the cost of entering into additional convertible note hedge transactions; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">for general corporate purposes. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In connection with the pricing of the notes, the Company expects to enter into convertible note hedge transactions with one or more of the initial purchasers (or their affiliates) and one or more other
financial institutions (the &#147;option counterparties&#148;). The convertible note hedge transactions are expected generally to reduce the potential dilution and/or offset the cash payments the Company is required to make in excess of the
principal amount upon conversion of the notes in the event that the market price of the Company&#146;s common stock is greater than the strike price of the convertible note hedge transactions. The Company also expects to enter into warrant
transactions with the option counterparties. The warrant transactions could separately have a dilutive effect if the market price of the Company&#146;s common stock exceeds the strike price of the warrant transactions, unless the Company elects,
subject to certain conditions, to settle the warrant transactions in cash. If the initial purchasers exercise their option to purchase additional notes, the Company expects to enter into additional convertible note hedge transactions and additional
warrant transactions with the option counterparties. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has been advised by the option counterparties that in connection with establishing their initial
hedge of the convertible note hedge transactions and warrant transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the Company&#146;s common stock and/or purchase
shares of the Company&#146;s common stock in privately negotiated transactions and/or open market transactions concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the
market price of the Company&#146;s common stock or the notes at that time. In addition, any repurchases by the Company of its common stock from purchasers of the notes could affect the market price of the common stock concurrently with, or shortly
after, the pricing of the notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Company has been advised by the option counterparties that the option counterparties or
their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to the Company&#146;s common stock and/or purchasing or selling the Company&#146;s common stock in secondary
market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes). This activity could also cause or avoid an increase or a
decrease in the market price of the Company&#146;s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the
notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The notes, the
shares of the Company&#146;s common stock issuable upon conversion of the notes, if any, the convertible note hedge transactions and the warrant transactions have not been and will not be registered under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This press release is being issued pursuant to Rule 135c under the Securities Act and does not constitute an offer to sell or the solicitation of an
offer to buy securities. Any offer of the securities will be made only by means of a private offering memorandum. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Forward-Looking
Statements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The statements in this press release that are not historical facts, including, most importantly, those statements preceded
by, or that include, the words &#147;may,&#148; &#147;believe,&#148; &#147;projects,&#148; &#147;expects,&#148; &#147;anticipates&#148; or the negation thereof, or similar expressions, constitute &#147;forward-looking statements&#148; within the
meaning of the Private Securities Litigation Reform Act of 1995 (the &#147;Reform Act&#148;). These statements may include, but are not limited to, statements regarding the actual terms of the notes, the completion, timing and size of the proposed
private offering, the anticipated use of proceeds from the offering and whether the convertible note hedge and warrant transactions will become effective. For all &#147;forward-looking statements,&#148; the Company claims the protection of the safe
harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and
Exchange Commission, including the most recent reports on Forms 10-K, 10-Q and 8-K each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Contact: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Encore Capital Group, Inc.
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paul Grinberg (858) 309-6904 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>paul.grinberg@encorecapital.com </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">or
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adam Sragovicz (858) 309-9509 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>adam.sragovicz@encorecapital.com </U></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Information found on the Company&#146;s website is not incorporated by reference. </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g441667ex99_1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g441667ex99_1.jpg
M_]C_X``02D9)1@`!``$`>`!X``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@,#`@(#`@("`P0#`P,#!`0$`@,$!`0$!`,$!`,!`@("`@("`@("`@,"
M`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`__$`:(```$%`0$!`0$!```````````!`@,$!08'"`D*"P$``P$!
M`0$!`0$!`0````````$"`P0%!@<("0H+$``"`0,#`@0#!04$!````7T!`@,`
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1``(!`@0$`P0'!00$``$"=P`!`@,1
M!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_``!$(`"(`?@,!$0`"$0$#$0'_V@`,
M`P$``A$#$0`_`/W;L=6M=>LH]0TNY6XL)6G2*:(_*SVT\MM,N>,%)H9$(]5J
M*%6CB(>TI58R@I2C==XNS^YDPG&<%*+NG=6[-.WZ'B?QN^-WP[^`OA^V\0?$
M#4;F#^TKB6UT;2M/M_M>K:U=0(DD\-C"TB1JL,<D;RS3RPQ('4%][HC^WE66
M8C,JOL,,E+EUG)M*,%LF[_UH>9F^;X7)<,L3BF[2;C"$5[TI+6R[>K/B^S_X
M*:?"*2Y\N;P=X^L+9GPMU#)X?NI$0-C?);1:U%CCG"22=>]?4SX&QL5[F+H5
M)+[*NO-:ZH^3CXA8"Z4\OQ%)/J[:?)(^M_A7^U-\)?BM-!8^"O'>F:IJTL1E
M_P"$;U19]&\1*$0O*D-CJ*1/?&-1EVLVND`Y+;1FOF<PR/'9?)K$4)1BG92B
MN:+^:_6Q]3EN>Y9FD8_5<3'VMDW3G>$H^7O6_`^E+/4[:[PBMLFQS$_RL<#D
MIV8?2O&<7%M6MRMK[CV-O*QI?I^F*D#P7QQ^TS\&?A[XAE\(^(?%4TWBBUA2
MYOM`\-^'_$GC#5-,MY%5DEU6T\)Z1J+:6I1D8"[\EBK!E!%=^%RS'8R'M*-"
MU-M\LI2C!22W<>9JYY^*S3!8*7LZM1\Z^S",IM>O*G8U_"WQ^^$GC3P=XC\>
M^&/&5CJWACP?;7EUXHNX;35([W08K"UDO;I=4T.XL(]3M)EM899!"]F)'$;"
M-6((&4\#C*5:EAG0:K5VE3BFK2U25I+W=WW-:>.PU2C4KQJ6I48\TV]''2]G
M'>Z2/,H_VW/V;)X!?6OCK4;O256,SZ[:^`_B'/H-B\JHZQ:AK$?A4VMC,JNN
M])Y8S$3B0(00.M9)F23YJ"A*/V'4AS_*/-J<W]L8"R<:DI1_F4)<OS=K(]PU
MCXJ?#SP_X)A^(^L^+]"T_P`#3V-IJ-MXGFOX3I5W:7Z+)8R64\9;[8]PKJ(H
MX%D>0L%123BO/AA\14K_`%:G0G*MS./(D[IQ3<KKHDDVV^AVU,5AZ-&.(J5H
MQHR:Y9-I)WVM?N]$M[GE6@_M=_`'Q#K>D>'[3QI<Z?J/B&Z@LO#W_"2>$_&7
MA.QUVYN9%BMHM*U3Q+X>L;.\>:1D6)4GS(TBJ@)8`]=3*L=2A*<J-X05Y.$H
MSY5UYE%NUNJ.6GFN"G-0]JZ;EI'GBX7>RY;I7OT9VOQ(^/7PJ^$USING>.?%
M4&FZSK$;2Z3X>L+#5O$/B+48D)5IK30/#UA>W\L`=67SOLXCW*1ORIQEA<%B
M<9KAZ;E"*;<W[L%:R=Y.RZK[T:XG'8?!VC5G:>B4$KRU3:LEJ]$5_AQ^T'\)
M/BOJ=[H7@GQ6E[XATRU^VW_AO5-+UKPWXBM+17CC>YDT3Q%IUC=O;I)-$CRQ
M1/&K2("PW#-8C+\5@X*K6I6HM\JJ1:E!O>RE&Z%A<QPF+FZ5&K^^@DY4Y)PF
MEWY96=CCA^V#^SY)KLOA>Q\<3:IXCM]>NO#5QH>D>%/&>IZG;:M8WR:;=QW-
MM9>'I#;V<5XPC-[(5MFV.4F8(2-/[)Q\:4:]2A[*C*/-&<FDFM+6N[O<RCFV
M!E4=&%;FJQFX2C%-\K6FMMO+T9U7Q"_:*^$GPNUJU\,^+O$LT7B>\LQJ%MX:
MT+0?$?BS7C9,YC2ZFTOPQI-_/9P,ROLDN%A5Q&Q0L%-1ALMQF+7/1I)48MIU
M)RC"',M;7DU=V[&U?'X;#3]G.3=2UU&$7.7+M>T4VEIU-SX:_&GX:?%VWU&?
MP!XFM]:DT:=;;6-.EM-1T?6](F?=Y2ZEH6MV=IJ%DLFQ]DDMLJ/L;8S;3C'$
MX3%8.:A6HN*DKQFFG%^C6C^\O#XO#XF+=&HI<KLT]&GUNGJK:'SE\%?B"G@/
MQYX\^$7C.[^R0KXNU.^\+WUW)Y=JCZC,U[)ILDTFU84N$FAN;<MA"\\J!LR(
M#^8Y)GE#+,TS#(<=6^KOZU5J49U'RP2FTXT]5;6W,GS+XMN_CX#&0P>*Q&!Q
M,W%RJ.5.;TCK;W-=GIW^1]/>-?"'@KQ-8"]\7^"M#\9Q:);WEW8VFJ>'M/\`
M$EU%NB1[F/2K6_MI2+FX6VB0)#M,C)&I)PN/TS"UZ]*484L0J<:KBKJIR)WT
MNVKJT?ZL>SB*.'G3<\505>-%<T5RJI;SC'2[_KJ?`.I_M#?L"Z9?76FZI\/O
M#NEZC83R6U[I^H?`Z.SO;.YB.R2"ZM+G04EMID88:.1593P0#7V%/A[B.K3C
M4I8A5*<E>+CBIVMTLX2MIL[+='QSXHX3H5:D*^$J1J1;BU/"N+36GPM[.UUK
MLTRM9_M0?L#Z5>6NIZ3X9\.Z9J5A<17=CJ%A\'X;*]L[F%P\5Q:W5OHZ2P3(
MP!5T=2/6K_U;XF<'3G/FA+I+%2=O2\6_ON1'BOA"$XU(4G3G'9QPO*].]IGK
M6E_MH?`_6X?MWA^7X@:Q!!+Y376D?#CQ;?P13HJR&)KBTT^1$F57C8H6#;9%
M)&&&>*7"N:TI*E46'@U%-<^*IJ3T[-)OUTOV/4I<891B(^TI+$2CS6O##5&H
MZ];:+TOIW9]*_"KXN>'/BQIVHWWAVU\1VT>CW<=C=GQ'X:UCPS)-/)"MPIM(
M-7M(&ND6-EWO&&52P4G)P/!QV7XC+ZL:5:="7,KWI5E4MY-16C5^YZ^7YG1S
M&G.I1HUZ*@VK5J3IMV=KI-ZI[H_+/X,K\7=`^(O[0MAIWQO^%GPB\:3_`!3U
MV_\`$.F?$[PQ:S^)->TVXGGET/6=.U75-0M6O/#9MGE\B*`/'$7\W(%U&6^H
MQ[RZ=#`.6!Q&*P\:/NO#5+1A/325HR5_6S[7LSY_`RQU.KCE]<P^$K<Z26)A
MKRK5RC>4=]K([+PMHVH&R_;4\57?Q2\'_$O4-0^#DVF^++WX>^$Y=$\&OX@M
M=!UR6PF35H+B73-8UZ'3VN4NELW>6(SI]H8-(-V+J4HU,@IT\'4POL,0G%UI
MWJ<LJD;)Q<4TH]V]5T1I"DXK.*M3$QQ*GA:G-&C'EA>-.33C).2N^EHGU7^S
MOH6D6O[%/@FP@T^S6SU'X/7>H7]N8(VAO;W5M'O;[4KFZC((GEN;JXFDD+=2
MY`P,`>+CI3J9VY.;C*-:'*U*R7O*VFQZV#C2641Y:?N.G+FC+5[/=V7Y'Q#*
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MPDXZQ2Z]$>)>&=9\,>`_VX_C1J/Q9N].\/W_`(L\'^!O^%/^(O%4\6G:7+H6
MGZ>T'B?1]"U;4'2UAO6U/RB\$4JR/Y$^0-^']*LIXSA[!1PD7)8>I/VT*7\1
MR][EE*,=7"VZV3Y;OJ<E.O##YSB?K?+3]O&,J,ZEE#EC92C&3T4[M6>FB>AT
M?BSQ+X(\<_M@_`!OAIJ6C>)/$GA71?B/=?$;6_"US;:G:Z9X0OO#_P!DT?3?
M$6J::\D/G3:ZZM;6TLK/&[$[$\Y2V-%5\/DN/CBHSITZBIJC"II[ZFFW"+NT
M^7=K?7L[:5)T*^;87ZJZ<YT^9U94_P"7E:CS36DE?9=&9/[!GAG1K>7]I#Q7
M'9Q?V[JG[07CW1KJ_**9SINCZ@UQ96D<F-R6XN=2NY2@.&:0$YVC&G$E24EE
MU%57*E2P=&48Q=ESM>\G;KHB,CA""QL_8*%26*G&3:U:BWRR3LK;O37U/&+$
M?%;1/VFOVDETOXR?#'X1>(M7\2:)J%G_`,+.\/65]J'B;P:-+$?AZ?PMJFJW
MELLVCV5NOV:>WM#(L<\8,@#KA.OEPDLJRZ4\'B,9&-.2E&A)J$)*3NJB2?ON
M]U)VTTMWY8O%T<SQT:>*H86,IIKV]E*2Y5\#?V5:W+W6YK_#_P`&>,=>_:&\
M8^*&^//A+QKXV'P[L-)\37?PO\#:O!H*6S:Q87.D_P!KZUH]Q-I,VO+%!)']
MF:X-YY`C)01Q$B,57IK+Z%*AET\/1C5<H_6*ZY[\MG:+IJ2@]&NFCLW<>'HM
M8^O4JYA"JY4TFJ%']W\5T^95+2GWTZH^Q?BW\+M!N-2USXC3>'DU^]LO#44W
MV">[N;73Y+G2)V,\U[%921RW+MI4BA5$BC&G;6/SC'XGQ=D6$:Q6>_4OKF*P
ME"$H4W*4(.5.4N><N35RC!QMZ'9F6#@IUL=['V[IP4HP;:2DF[O37:WW'A'A
MK]H3Q+HFLP76K6T-]H5O9?V=;>'],;^S+*PA5X?+FM0XF:XGCBBV`7$CC#'#
M)7Y[EOB/F."Q=.>,I>WP<8JFJ,(VC372SW<DFMSYW"<05XXINO\`O,-&T5%:
M<MOSMMJ=3XX\,?LC_M(+%<>/-.TFP\2-$L::M=S/X3\3PA`52)]:MF2'4$3G
M8DTMT@&-J"OVGA_Q+P4HT5A,S^JRM_!K:*#N[K72S>OS[GLU(9#FT+U80C.>
M[DE&6FBU\DDO2QXRW_!+OX!ZG,MYI'Q%^(ZV#MYBP6^L>%+Z,(Q)58KO_A&N
M5VG`9@Y[\GFOOZ?'M>KM5H5IZ7DIZ/S23LCE7".36]V3:Z6<6C[:^%/P>^'W
MP"\#1^#O!JRZ;H=M=76IWM_K&HI<W]_J%T(UN=1U*]E$49D,4$,86-(8HXX4
M5$4+SXF8YHL9B%B\9B*<9Q5H^\E%+I;6^GF?0X+"8/*<-]7HSC"D_>:;5WI_
M6QT?AKQ[X3\0>)KSP[X=U:TUN]TO3GOM4GTMUN['3D>XBM[:"YO8"T)NYF\\
MK"CLP6VD+!>!7ET\XP6,Q$\+A:D:U2@N:K./PQ7KW-XUZ%6I:C/G<%[S7V5T
MTV,_XC>`/A7XEBM=2^*7AGX?:S#82?9["_\`%VC:;=O;O+DI:V]WJ+%E9PI(
MB1\':3MX)'=#,9X*FE#$U,-!S:M?3;HNX5L-A:KY\11A.45:[2OIJ;.FZ1X)
MLM`T_P`)Z39^"K3PSKVGW4&F^'K#3K"'1]6TQK;-[%9Z;;R+!?6S6<I,H1&7
MRW^;*GG.6.52I1JQKSE7DOW3G+5J#3DTGUCNK=2XPH0A[*,(PIS@_=LETLUI
MT)]/N_"&FV%SX1TN]\'V.G>'-.-I>>'K-+.WM-&TF*-87MYM*AN%2SL4BE1&
M1D2,"0*0`PS$L9AU.HYXC][!MR=U>+C:U^PE*C"/)'EC""UBNVVQ!I8\#6MG
M)\/-';P9!9:99202>#[*SL5M+'3G+-/#+HD4OEP6;><Y*M"$.]L@[C4K,H/$
M2<<1^]C[TI)M224=[KR7W$I490^KI1Y8+X6E9+?8YWPE\+?A!X1U"TU[P5X(
M^&N@:GK"L^GZOH'AW2;&[OXY(/M;O97EHJNZ-;!I?W+8*'/3D]DLRK5Z=.,\
M9.K"K>T4U:7+O:VZ2W,Z.$P=&5.K2I4XRDFXM;^J]#H/'_A_P/KVA_9?B7I?
M@O5]`6>/;#XMTZSN].2[;(C,*:D[(EP<$`IM;`.#@&HI8QX!*4:\L.Y75TTK
M]4FMM$F/%4:-2DEB*4)P@[Q4NCV_S*'A/2OAG\/TLO#W@RU^'_A(:U'#>66D
MZ#9:9I#:K'.'^SW4=O:31O?;]LFQ\/G:VT]:RJYBJTH+$8B5:4[.*;^ZRV_`
MNC2PV'<(4:<:2ER_"E?7\_F:'AYO`_AZ7Q!IGAB7P7I$T-WJ&N^)K/1HK"Q=
M+]V7^T]7UF&SG4_:C(J">>8!\J!(V<5$\="K4DI5>9T4DXO>,(Z2^[W;=BX*
MC"<E!*/*Y/3O[NK^\QOB%X6^%'BJVMV^)VD?#O7[:P>%+.;Q=I6EWHLVOEDE
MACMI]0E<P^>D$CA4=?,$3-A@*UAFLL`[QQ<J$9227+*RLXRDG;:[45KV^1EB
M*.#K-^WITY*-K.2U^\Z_P=X:\-^&-%M-/\%:5X:T3PXT:W-E:>&],M=/TQQ<
M!9!<Q1V3K%+YJE6\P;BPP235O%5,4HUJM1UG.,9*3;>CBG\EJ:4J5*G!1I1C
M&"VY4K'6W$,=Q#)!*BR131O%)&P#*\<BE'1@>"K*2"#ZUC4C"47"HE*$DU)2
M5TX-6DK>?](U<5*,H/:2::Z6:L?$GB/]EW5OL<MSX=U:VEOUN]0(TJ]WQ0/9
M?;)_[-^S7JHWESBP^SATE3:7W8D4#%?B^/\`"[$QHNK@<="KBIU*DG2J)4X<
MCFY0Y)\R]Y1:BTXV5M^A\=5X8E&,_JM91DI2?+*2OO?I$^7_`!1\._'/AJ22
M/5_"^L6BPEPURMG)<V9"_P`27=LDD!7'<2'\#P/@L3P_G>6SG2Q6658>R;3F
MDZD'V<7%.+5NWYGAUL!B,,W[6G.3CU5WMYJ*7I8\CN!,C%4$B2`D;5#*X(X(
MQC.<\5C1EB(V25>#C_+[:'_DJ5EZ(P3DDK<T5VYJFGW6.Q\(_!OXD?$*\M[7
M1_#VI+9SRH)-9U6*YL](M86.&G>YN8QYJJ-QV6XE=L`*IS7TN69#GF:5*<*5
M/$TZ,TFJU24W"S5TWS55OOLO1'H83`8W&-*\XT_LN4W;EZ-75TK='<_4WX.?
M"/1_A'X731=/<7NIW;K=ZYK#Q".34;T)L`1"6:&R@3Y(8M[;078DM(Q/[7D.
M1X?(L#'"THJK7GK7J6M*;ZZO6UWHM?5GV^`P%/`TU"#:>G-*^LGUOIMV.]\0
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M^=/J$/\`PD6G:?I.I?9;E+=S8:>]X1#!*D/F0&>*^N8975]VQQY;1N`]5/`T
M9O$-N2^L0C"27*K1CI[MHW3DM'=ORL4Z,.:H]5SI1:71+MII?9^78RH_ASIU
MG;:9::5JNNZ5'H^K7^K::;>YM;N6T;4K>X@O;))=7LKLO8N;NZD"R%W1YV"2
M!`J+DLMI0A1A2JU:"P]24Z;A*-X\ZM*'O0DN1]K<W]XS^JTTHJ,I1Y/ALUHN
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MD7Y#//,8@S!,`C#AEM*G.<O;59*7M+0DX<L54MS*-J:DUHK<TI6L'U>*<GSR
M][FZK3F:;M[M^FEVR./X:Z3)'`FIZCK6L/;ZE9ZBMQ>7-K;3G^S]+N](LK1F
MTNSM1]EBM;V=OE"R/(VZ21AE3+RG#2454G4J\K@USRC_`,NX.$5I%:6;OYA+
M#4Y)J5Y:IWOKHK*UDNQWMC96NFVEO8V,$=M:6D4<%O;Q*J10PQ($CCC10`JJ
MJ@#Z5Z%.$:,(4X+EA3C&*7E%**_!&\8QIQ48KE4=$B=N!Z8'TQBK6CCTU_1E
M+3RL0QG*\\_.XYYX!.!7/0;?(V[M2JJ[WLJDTM?)*R[(YJ;:C*S:][OY(,`,
MW`&,=L8PO%<U6K46(J1522C'ELN9V6G:]D=<6^2.K'@<CV_3%=M+;S(:5]A!
MU/L6Q[?-1#2%7I[TOS9$VTTDVDEL*I.T<G_]6:R@VZ%*[N^;KZR*I[ORL35T
3C"@`H`*`"@`H`*`"@`H`*`/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
