Notice is hereby given that the Annual General Meeting of Cash Converters International Limited ("Company") will be held at 10.00am (WST) on Wednesday 20 November 2013 to be held at The Pan Pacific Hotel, 207 Adelaide Terrace, Perth, WA 6000 - For further information click here
Cash Converters International Limited ("the Company") refers to press reports concerning a potential class action relating to micro-lending in New South Wales. For the full response click here
Cash Converters International Limited is pleased to announce that a securitisation facility of $60 million has been established with Westpac Institutional Bank. The Company will use this funding facility to continue to grow the personal loan book.
Under this facility, Westpac will provide up to $60 million of funding, through a securitisation programme, for the Cash Converters personal loan book, by providing up to 70% of the principal amount of each eligible loan. This facility has an initial term of two years with provisions for extensions beyond this period.
Cash Converters Managing Director Peter Cumins said: “With strong demand for our loan products continuing, we are very pleased to obtain this facility. It will provide significant funds on attractive terms to enable us to increase our personal loan book. The securitisation of our loan receivables by leading Australian bank Westpac has been made possible by the management systems we have in place and the stability of the Australian loan book.”
Cash Converters International Limited
26 March 2013
Cash Converters International Limited (“Cash Converters”) is pleased to announce that it has contracted to acquire eight franchised stores in Adelaide, South Australia and completed the acquisition of two stores in the UK and one in Perth, Western Australia.
The stores were or will be purchased from existing franchisees for a total cash consideration of $32.6 million, including assets of $6.9 million. The acquisition price represents an EBIT multiple of 4.7 times on current earnings and an EBIT multiple of 3.7 times excluding acquired assets. The consideration has or will be paid out of Cash Converters cash reserves and existing financing facilities. Based on historical financial results we expect the stores will add $6.9 million in EBIT in the 2014 financial year.
Settlement of the acquisitions of the eight South Australian stores will occur in May 2013. Settlement of the Gosnells, Perth store occurred in late January and the settlements of the Bletchley and High Wycombe stores in the UK occurred last week.
These acquisitions will take the number of corporate owned stores in Australia to 55 and 63 in the UK.
The Company is continuing to review opportunities to acquire further stores and increase the distribution network for its financial services products.
Cash Converters International Limited
18 February 2013
Please find attached a copy of the Investor presentation from February 2013 [PDF].
Cash Converters International Limited is pleased to report a growth in revenue of 20.8% to $134.9 million and a record net profit after tax of $18.4 million for the period, an increase over the previous period of 39.2%. In addition, the Directors are pleased to advise that the interim dividend has been increased to 2 cents per share, up 14% on the 1.75 cents per share dividend paid in the previous half and previous corresponding period.
Full details in attached documents:
Notice is hereby given that a General Meeting of shareholders of Cash Converters International Limited (“Company”) will be held at 10.00am (WST) on Wednesday 13 March 2013 at: The Pan Pacific Hotel:
207 Adelaide Terrace
Perth Western Australia 6000
Please see the attached for Explanatory Statement and Proxy Form (PDF).
D.R. Groom, A.C.M.A., F.C.P.A., F.C.I.S.