Cash Converters, EZCORP deal axed on proposed government reforms

Cash Converters, EZCORP deal axed on proposed government reforms

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The us government’s intends to introduce tougher guidelines on payday lenders have actually cost Perth-based Cash Converters a $70 million deal.

Cash Converters late yesterday announced that worldwide pawn and payday lender, and major shareholder, EZCORP had ended an understanding to obtain a managing 53 per cent desire for the Perth company.

Beneath the deal, very very first flagged in March, EZCORP would be to purchase around 76.6 million money Converters at 91c each to lift its shareholding that is existing from per cent.

Information associated with termination saw money Converters stocks plunge 40 % this early morning to a reduced of 39.5c before settling at 47c at 1228 AWST. (more…)

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