Dollar Financial Corp Receives Approval from Office of Fair Trading (OFT) for the Acquisition of Purpose U.K. Holdings Limite...
March 07 2011 - 4:00PM
Business Wire
Dollar Financial Corp (NASDAQ: DLLR), a leading international
diversified financial services company serving primarily unbanked
and under-banked consumers for over 30 years, today announced the
U.K. Office of Fair Trading (OFT) has approved the previously
announced acquisition of Purpose U.K. Holdings Limited, the parent
company of Month End Money (“MEM”). MEM, which was established in
2003, operates under the brand name PaydayUK and is the market
leader in the region, providing loans through both internet and
telephony-based technologies throughout the United Kingdom. The
initial funding for the acquisition is expected to be provided by a
combination of cash on the balance sheet and a draw down on the
Company’s recently expanded $200 million global revolving credit
facility. The acquisition of MEM is expected to be finalized in
approximately 30 days.
About Dollar Financial Corp
Dollar Financial Corp is a leading international diversified
financial services company primarily serving unbanked and
under-banked consumers and small business owners for over 30 years.
Through its retail storefront locations as well as by other means,
such as via the Internet, the Company provides a range of consumer
financial products and services in seven countries (Canada, the
United Kingdom, the United States, the Republic of Ireland, Sweden,
Finland and Poland) to consumers who, for reasons of convenience
and accessibility, purchase some or all of their financial services
from the Company rather than from banks and other financial
institutions. The Company’s products, principally its short-term
consumer loans, check cashing services, secured pawn loans and gold
buying services, provide customers with immediate access to cash
for living expenses or other episodic needs. The Company also
offers high-value ancillary services, including Western Union money
order and money transfer products, electronic tax filing,
reloadable VISA® and MasterCard® debit cards, foreign currency
exchange, and other services. In addition, through its branded
Military Installment Loan and Education Services, or MILES®
program, the Company provides fee based services to enlisted
military personnel applying for loans to purchase new and used
vehicles that are funded and serviced under an exclusive agreement
with a major third-party national bank.
At December 31, 2010, the Company’s global retail operations
consisted of 1,226 locations, including 1,126 company-operated
financial services stores and 100 franchised and agent locations,
conducting business primarily under the names Money Mart®, Money
Shop®, Insta-Cheques®, The Check Cashing Store®, Sefina® and
MoneyNow® in Canada, the United Kingdom, the United States, the
Republic of Ireland, Sweden, Finland and Poland. For more
information, please visit the Company's website at www.dfg.com.
Forward Looking Statement
This news release contains forward looking statements,
including, among other things, statements regarding the following:
pending or recent acquisitions; the Company’s future results,
growth, guidance and operating strategy; the global economy; the
effects of currency exchange rates on reported operating results;
the developing regulatory environment in Canada, the U.K., the
United States, and other countries; the impact of future
development strategy, new stores and acquisitions; litigation
matters; expected financing initiatives; and the performance of new
products and services. These forward looking statements involve
risks and uncertainties, including risks related to: the regulatory
environments; current and potential future litigation; the
identification of acquisition targets; the consummation of
announced pending acquisitions, the integration and performance of
acquired stores and businesses; the performance of new stores; the
impact of debt financing transactions; the results of certain
ongoing income tax appeals; and the effects of new products and
services on the Company’s business, results of operations,
financial condition, prospects and guidance; and uncertainties
related to the effects of changes in the value of the U.S. Dollar
compared to foreign currencies. There can be no assurance that the
Company will attain its expected results, successfully consummate
announced pending acquisitions, successfully integrate any of its
acquisitions, obtain acceptable financing, or attain its published
guidance metrics, or that ongoing and potential future litigation
or the various FDIC, Federal, state, Canadian, U.K. or foreign
legislative or regulatory activities affecting the Company or the
banks with which the Company does business will not negatively
impact the Company’s operations. A more complete description of
these and other risks, uncertainties and assumptions is included in
the Company’s filings with the Securities and Exchange Commission,
the Company’s annual reports and Forms 10-Q and 10-K. You should
not place any undue reliance on any forward-looking statements. The
Company disclaims any obligation to update any such factors or to
publicly announce results of any revisions to any of the
forward-looking statements contained herein to reflect future
events or developments.
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