DFC Global Corp. Announces Compensation-Related Actions
May 08 2013 - 4:01PM
Business Wire
DFC Global Corp. (NASDAQ: DLLR), a leading international
diversified financial services company serving primarily unbanked
and under-banked consumers for over 30 years, today announced that
its Board of Directors and its Human Resources and Compensation
Committee have approved a series of actions developed in response
to the November 2012 advisory vote on compensation paid to the
Company’s executive officers for the fiscal year ended June 30,
2012.
“We have adopted stock ownership guidelines for our executive
officers to further align their interests with the interests of our
stockholders,” said Jack Gavin, the Board’s Lead Independent
Director. “We have also approved a policy providing for the
clawback of incentive and equity compensation from executives if
their conduct contributed to a restatement of our financial
statements under certain circumstances, as well as a policy
prohibiting our directors and executives from hedging our
securities and restricting their pledges of our securities.”
“We will no longer provide for single-trigger vesting of future
equity grants upon a change in control of the Company, and we
intend to only utilize an earnings per share metric for our fiscal
year 2014 key management bonus program,” said Ron McLaughlin, the
Chair of the Board’s independent Human Resources and Compensation
Committee. “Further, Jeff Weiss, our Chairman and Chief Executive
Officer, has agreed with us to eliminate the parachute tax gross-up
provision from his current employment agreement, and we have
determined to continue our practice of not granting such gross-ups
in the future.”
“While the vote last November was advisory, we wanted our
stockholders to know that the Board took their concerns about
compensation seriously,” added Mr. McLaughlin. “We believe these
changes more closely align executive compensation with long-term
stockholder interests.”
For the full policies adopted by the Company, please consult the
Form 8-K filed today with the Securities and Exchange
Commission.
About DFC Global Corp.
DFC Global Corp. is a leading international diversified
financial services company serving primarily unbanked and
under-banked 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. As of March 31, 2013, the Company’s global retail
operations consisted of 1,457 retail storefront locations, of which
1,420 are company-owned stores, conducting business primarily under
the names The Money Shop®, Money Mart®, Insta-Cheques®, Suttons and
Robertsons®, The Check Cashing Store®, Sefina®, Helsingin PanttiSM,
Optima®, MoneyNow!®, and Super Efectivo®. In addition to its retail
stores, the Company also offers Internet-based short-term
single-payment consumer loans in the United Kingdom primarily under
the brand names Payday Express® and PaydayUK®, in Canada under the
Money Mart name, in Finland, Sweden, Poland, Czech Republic and
Spain under the Risicum®, OK Money® and MoneyNow!® brand names. For
more information, please visit the Company's website at
www.dfcglobalcorp.com.
The Company’s products and services, principally its short-term
single-payment consumer loans, secured pawn loans, check cashing
services and gold buying services, provide customers with immediate
access to cash for living expenses or other needs. The Company
strives to offer its customers additional high-value ancillary
services, including Western Union® money order and money transfer
products, foreign currency exchange, reloadable VISA® and
MasterCard® prepaid debit cards and electronic tax filing. In
addition to its core retail products, the Company also provides
fee-based services in the United States to enlisted military
personnel applying for loans to purchase new and used vehicles that
are funded and serviced under agreements with third-party lenders
through the Company’s branded Military Installment Loan and
Education Services, or MILES® program.
Forward-Looking Statements
This news release contains forward-looking statements,
including, among other things, statements regarding the following:
pending or recent acquisitions and their expected benefits; the
Company’s future results, growth, guidance and operating strategy;
the global economy; the effects of currency exchange rates on
reported operating results; the regulatory environment in Canada,
the United Kingdom, the United States, Scandinavia and other
countries; the resolution of the CFPB’s examination of the MILES
program; the impact of future development strategy, new stores and
acquisitions; litigation matters; 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, including reviews of our
operations by the CFPB in the U.S. and the Office of Fair Trading
in the U.K., and the effect of legislation in Finland that will
restrict our current business in that country; current and
potential future litigation; the identification of acquisition
targets; the consummation of pending acquisitions; the integration
and performance of acquired stores and businesses; the performance
of new stores and internet businesses; the impact of debt and
equity financing transactions; the results of certain ongoing
income tax appeals; the effects of new products and services on the
Company’s business, results of operations, financial condition,
prospects and guidance; the effect of the termination of our
relationship with the third-party national bank that currently
funds a portion of the MILES program loans and our ability to
replace such lending source on acceptable terms; 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
pending acquisitions, successfully integrate and achieve
anticipated synergies from any of its acquisitions, obtain
acceptable financing, or attain its published guidance metrics, or
that ongoing and potential future litigation or the various FDIC,
CFPB, U.S. Federal or state, U.K., Canadian, Scandinavian, European
Union, or other 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, including those described under
the heading “Risk Factors” on the Company’s Annual Report on Form
10-K for the Company’s fiscal year ended June 30, 2012. 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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