EDMONTON, Jan. 9, 2012 /PRNewswire/ - The Cash Store Financial Services Inc. ("Cash Store Financial") has filed with the Toronto Stock Exchange ("TSX") a notice of its intention to make a normal course issuer bid (the "NCIB") for its common shares (the "Common Shares") through the facilities of the TSX (the "Notice").
The Notice provides that Cash Store Financial intends, during a twelve-month period commencing on January 12, 2012, following TSX approval, to purchase on the TSX up to 1,092,504 Common Shares, being approximately 10% of the "public float" of Common Shares of Cash Store Financial. As at January 6, 2012, there were 17,420,880 Common Shares issued and outstanding. The price that Cash Store Financial will pay for any such Common Shares will be the market price at the time of acquisition and any Common Shares purchased under the NCIB will be cancelled. The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by Cash Store Financial, subject to price, trading volume, and other market considerations. Daily purchases will be limited to 5,519 Common Shares or approximately 25% of the average daily trading volume for the six full calendar months prior to January 6, 2012, other than block purchases. Cash Store Financial has repurchased no Common Shares in the previous 12 months.
Cash Store Financial believes that, at current market prices and at certain times throughout the duration of the NCIB, the purchase of its Common Shares will contribute to enhancing shareholder value.
About The Cash Store Financial Services Inc.Cash Store Financial is the only broker and lender of short‐term advances and provider of other financial services in Canada that is listed on the Toronto Stock Exchange (TSX: CSF). Cash Store Financial also trades on the New York Stock Exchange (NYSE: CSFS). Cash Store Financial operates more than 574 branches across Canada under the banners: Cash Store Financial and Instaloans. Cash Store Financial also operates 23 branches in the United Kingdom. Cash Store Financial and Instaloans primarily act as brokers and lenders to facilitate short-term advances and provide other financial services to income-earning consumers who may not be able to obtain them from traditional banks. Cash Store Financial also provides a private-label debit card (the Freedom card) and a prepaid credit card (the Freedom MasterCard) as well as other financial services, including bank accounts.
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