EDMONTON, June 25 /CNW/ - Rentcash Inc. ("Rentcash") (TSX:RCS) Inc.
announced today that it intends to make a normal course issuer bid to
purchase, through the facilities of the Toronto Stock Exchange, certain of its
outstanding Common Shares. As at June 18, 2007, there were 20,793,112 Common
Shares issued and outstanding.
The number of Common Shares to be purchased through the facilities of the
Exchange during the period of the normal course issuer bid (the "Bid") from
June 27, 2007 to June 26, 2008 will not exceed 1,208,739 Common Shares, or
approximately 8.9% of the public float outstanding on June 18, 2007, namely
13,531,101. The number of Common Shares to be purchased per day will not
exceed 15,189, or approximately 25% of the average daily trading volume for
the six full calendar months prior to June 20, 2007. Common Shares purchased
pursuant to the Bid will be cancelled.
Rentcash believes that the market price of the Common Shares may, at
certain times throughout the duration of the normal course issuer bid, be
Rentcash is the only payday advance broker in Canada publicly traded on
the Toronto Stock Exchange (TSX:RCS). Rentcash operates more than 420 stores
across Canada under three banners: The Cash Store, Instaloans and Insta-rent.
The Cash Store and Instaloans act as brokers to facilitate payday advance
services to income-earning consumers and provide two private-label debit
cards, The Cash Store Cash Card(TM) and InstaWorld Debit Card, to those who
may not be able to obtain them from traditional banks.
Insta-rent rents brand-name furniture, appliances, electronics and
computers, with or without an option to purchase. Insta-rent operates
primarily in The Brick and United Furniture Warehouse locations, which are
part of The Brick Group, one of Canada's largest volume retailers of household
furniture, mattresses, appliances and home electronics.
Rentcash employs more than 1,800 associates and is headquartered in
In 2007, Rentcash was named "Canada's Fastest-Growing Company" by PROFIT
Magazine and ranked No.3 in the top 25 performers with revenue greater than
$25 million, in Alberta Venture's "The Fast 50."
For further information:
For further information: Gordon J. Reykdal, Chairman and Chief Executive
Officer, (780) 408-5118; Michael J.L. Thompson, Vice President; Investor
Relations & Government Affairs, (780) 408-5595, Cell: (613) 371-4093