First Cash Financial Services (NASDAQ:FCFS) and Cash America
International, Inc. (NYSE:CSH) announced today that the
shareholders of both First Cash and Cash America overwhelmingly
approved the merger of equals transaction between the two companies
at their respective special meetings held earlier today. The
closing of the merger transaction is expected to occur on September
1, 2016. The combined company will be named FirstCash, Inc. and
will be listed on the New York Stock Exchange under the ticker
symbol of FCFS where it will begin trading on September 2, 2016.
Commenting on the merger, Rick L. Wessel, Chief
Executive Officer of First Cash, and T. Brent Stuart, President and
Chief Executive Officer of Cash America, jointly said, “We are
extremely pleased with the exceptionally strong support of both
sets of shareholders in approving the merger between Cash
America and First Cash. We are now focused on successfully
integrating the businesses and realizing the anticipated benefits
of the merger that will bring together the leading pawn lenders in
both the U.S. and Latin American markets. The combined company will
have over 2,000 locations in the U.S. and Latin America
with total annual revenue of approximately $1.8 billion,
which we believe represents the largest pawn lender in the
world.”
About First CashWith over 1,270
retail and consumer lending locations in the U.S., Mexico,
Guatemala and El Salvador, First Cash Financial Services, Inc. is a
leading international operator of pawn stores. First Cash focuses
on serving cash and credit constrained consumers through its retail
pawn locations, which buy and sell a wide variety of jewelry,
consumer electronics, power tools, household appliances, sporting
goods, musical instruments and other merchandise, and make small
consumer pawn loans secured by pledged personal property.
Approximately 97% of the Company’s revenues are from pawn
operations.
First Cash is a component company in both the
Standard & Poor’s SmallCap 600 Index® and the
Russell 2000 Index®. For additional information
regarding First Cash and the services it provides, visit First
Cash’s website located at http://www.firstcash.com.
About Cash AmericaAs of June
30, 2016, Cash America operated 889 total locations in the
U.S. offering pawn lending and related services to consumers
and included the following:
- 817 lending locations in 20 states in the U.S. primarily
under the names “Cash America Pawn,” “SuperPawn,” “Cash America
Payday Advance,” and “Cashland;” and
- 72 check cashing centers (all of which are unconsolidated
franchised check cashing centers) operating in 12 states in the
U.S. under the name “Mr. Payroll.”
For additional information regarding Cash
America and the services it provides, visit Cash America’s website
located at http://www.cashamerica.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995This release
contains “forward-looking statements” (as defined in the Securities
Litigation Reform Act of 1995) regarding, among other things,
future events or the future financial performance of First Cash and
Cash America or anticipated benefits of the proposed transaction.
Words such as “anticipate,” “expect,” “project,” “intend,”
“believe,” “will,” “estimates,” “may,” “could,” “should” and words
and terms of similar substance used in connection with any
discussion of future plans, actions or events identify
forward-looking statements. The closing of the proposed transaction
is subject to customary closing conditions. There is no assurance
that such conditions will be met or that the proposed transaction
will be consummated within the expected time frame, or at all.
Forward-looking statements relating to the proposed transaction
include, but are not limited to: statements about the benefits of
the proposed transaction, including anticipated synergies, cost
savings, cash flows and future financial and operating results;
future capital returns to stockholders of the combined company;
First Cash’s and Cash America’s plans, objectives, expectations,
projections and intentions; the expected timing of completion of
the proposed transaction; the impact of any CFPB rules that may be
adopted on First Cash and Cash America; and other statements
relating to the transaction that are not historical facts.
Forward-looking statements are based on information currently
available to First Cash and Cash America and involve estimates,
expectations and projections. Investors are cautioned that all such
forward-looking statements are subject to risks and uncertainties,
and important factors could cause actual events or results to
differ materially from those indicated by such forward-looking
statements. With respect to the proposed transaction, these risks,
uncertainties and factors include, but are not limited to: the
risks that condition(s) to closing of the transaction may not be
satisfied; the length of time necessary to consummate the proposed
transaction, which may be longer than anticipated for various
reasons; the risk that the businesses will not be integrated
successfully; the risk that the benefits, cost savings, cash flows,
synergies and growth from the proposed transaction may not be fully
realized or may take longer to realize than expected; the diversion
of management time to transaction-related issues; the risk that
costs associated with the integration of the businesses are higher
than anticipated; and litigation risks related to the transaction.
With respect to the businesses of First Cash and/or Cash America,
including if the proposed transaction is consummated, these risks,
uncertainties and factors include, but are not limited to: the
effect of future regulatory or legislative actions on the companies
or the industries in which they operate and the effect of
compliance with enforcement actions, orders or agreements issued by
applicable regulators; the risk that the credit ratings of the
combined company or its subsidiaries may be different from what the
companies expect and/or risks related to the ability to obtain
financing; economic and foreign exchange rate volatility,
particularly in Latin American markets; adverse gold market or
exchange rate fluctuations; increased competition from banks,
credit unions, internet-based lenders, other short-term consumer
lenders and other entities offering similar financial services as
well as retail businesses that offer products and services offered
by First Cash and Cash America; a decrease in demand for First
Cash’s or Cash America’s products and services; public perception
of First Cash’s or Cash America’s business and business practices;
changes in the general economic environment, or social or political
conditions, that could affect the businesses; the potential impact
of the announcement or consummation of the proposed transaction on
relationships with customers, suppliers, competitors, management
and other employees; risks related to any current or future
litigation proceedings; the ability to attract new customers and
retain existing customers in the manner anticipated; the ability to
hire and retain key personnel; reliance on and integration of
information technology systems; ability to protect intellectual
property rights; the impact of security breaches, cyber-attacks or
fraudulent activity on First Cash’s or Cash America’s reputation;
the risks associated with assumptions the companies make in
connection with their parties’ critical accounting estimates and
legal proceedings; and the potential of international unrest,
economic downturn or effects of currency fluctuations, tax
assessments or tax positions taken, risks related to goodwill and
other intangible asset impairments, tax adjustments, anticipated
tax rates, benefit or retirement plan costs, or other regulatory
compliance costs.
Additional information concerning these and
other risk factors is also contained in First Cash’s Form S-4
Registration Statement that has been filed with the SEC and was
declared effective by the SEC on July 29, 2016, which includes
the joint proxy statement for First Cash and Cash America, as well
as First Cash’s and Cash America’s most recently filed Annual
Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, and other SEC filings.
Many of these risks, uncertainties and
assumptions are beyond First Cash’s or Cash America’s ability to
control or predict. Because of these risks, uncertainties and
assumptions, you should not place undue reliance on these
forward-looking statements. Furthermore, forward-looking statements
speak only as of the information currently available to the parties
on the date they are made, and neither First Cash nor Cash America
undertakes any obligation to update publicly or revise any
forward-looking statements to reflect events or circumstances that
may arise after the date of this release. Neither First Cash nor
Cash America gives any assurance (1) that either First Cash or Cash
America will achieve its expectations, or (2) concerning any result
or the timing thereof. All subsequent written and oral
forward-looking statements concerning First Cash, Cash America, the
proposed transaction, the combined company or other matters and
attributable to First Cash or Cash America or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements above.
First Cash Contacts:
For further information, please contact:
Gar Jackson
Global IR Group
(949) 873-2789
gar@globalirgroup.com
Doug Orr, Executive Vice President and Chief Financial Officer
(817) 505-3199
investorrelations@firstcash.com
Cash America Contacts:
Investors
L. Dee Littrell
817-570-1661 Direct
dlittrell@cashamerica.com
Media
Yolanda Walker
817-333-1973 Direct
ywalker@cashamerica.com
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