Cash Con­vert­ers sale

Townsville Bulletin - - Investor -

PAWN bro­ker Cash Con­vert­ers In­ter­na­tional Ltd will sell ma­jor­ity own­er­ship in the com­pany as part of a strate­gic re­la­tion­ship to be formed with US based EZCORP Inc.

The strate­gic al­liance is to de­velop and in­tro­duce a suite of fi­nan­cial ser­vices prod­ucts un­der the Cash Con­vert­ers brand glob­ally, Perth-based Cash Con­vert­ers said in a state­ment yes­ter­day.

As part of the al­liance, EZCORP will buy 30 per cent of Cash Con­vert­ers shares it doesn’t al­ready own, tak­ing its stake in the Aus­tralian com­pany to a con­trol­ling 53 per cent.

EZCORP is of­fer­ing 91 cents cash per share, which is a 9.6 per cent pre­mium to Cash Con­vert­ers’ clos­ing price of 83 cents per share on Mon­day.

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