EDMONTON, Nov. 22, 2013 /CNW/ - The Cash Store Financial Services Inc.
("Cash Store" or the "Company") (TSX:CSF; NYSE: CSFS) announces the
adoption by its board of directors (the "Board") of a new general
by-law for the Company, By-Law No. 4, and the repeal of By-Law No. 3.
The newly adopted By-Law No. 4 is a revision of By-Law No. 3 to include
a provision that requires advance notice to the Company in
circumstances where director nominations are made by shareholders of
the Company, other than in connection with (i) the requisition of a
shareholders' meeting, or (ii) a shareholder proposal, in each case
made pursuant to the Business Corporations Act (Ontario) (the "Advance Notice Provision").
Among other things, the Advance Notice Provision fixes a deadline by
which holders of record of common shares of the Company must submit
director nominations to the Company prior to any annual or special
meeting of shareholders and sets forth the information that a
shareholder must include in the notice to the Company.
In the case of an annual meeting of shareholders, notice to the Company
must be made not less than 30 days and not more than 65 days prior to
the date of the annual meeting; provided, however, that in the event
that the annual meeting is to be held on a date that is less than 50
days after the date on which the first public announcement of the date
of the annual meeting was made, notice may be made not later than the
close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an
annual meeting), notice to the Company must be made no later than the
close of business on the 15th day following the day on which the first
public announcement of the date of the special meeting was made.
The Advance Notice Provision provides a clear process for shareholders
to follow for director nominations and sets out a reasonable time frame
for nominee submissions and the provision of accompanying information.
The purpose of the Advance Notice Provision is to treat all
shareholders fairly by ensuring that all shareholders receive adequate
notice of the nominations to be considered at a meeting and can thereby
exercise their voting rights in an informed manner. In addition, the
Advance Notice Provision should assist in facilitating an orderly and
efficient meeting process.
The by-law amendment is effective immediately and will be placed before
shareholders for ratification and confirmation at the next annual and
special meeting of shareholders of the Company to be held on February
5, 2014. The full text of By-Law No. 4 is available at www.sedar.com or upon request by contacting the Company's Corporate Secretary, Jerry
Roczkowsky at firstname.lastname@example.org.
About Cash Store Financial
Cash Store Financial is the only lender and broker 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 512 branches across Canada under the banners "Cash
Store Financial" and "Instaloans". Cash Store Financial also operates
27 branches in the United Kingdom.
Cash Store Financial and Instaloans primarily act as lenders and brokers
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
Cash Store Financial employs approximately 1,900 associates and is
headquartered in Edmonton, Alberta.
Cash Store Financial is a Canadian corporation that is not affiliated
with Cottonwood Financial Ltd. or the outlets Cottonwood Financial Ltd.
operates in the United States under the name "Cash Store". Cash Store
Financial does not do business under the name "Cash Store" in the
United States and does not own or provide any consumer lending services
in the United States.
This news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of United States
federal securities legislation, which we refer to herein, collectively,
as "forward-looking information". Forward looking information includes,
but is not limited to, information with respect to strategies,
operations and financial results and the quotations of Mr. Reykdal,
CEO. Generally, forward-looking information can be identified by the
use of forward-looking terminology such as "estimates", "plans",
"expects", or "does not expect", "is expected", "budget", "scheduled",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might", or
"will be taken", "occur", or "be achieved". In particular, this news
release contains forward-looking information with respect to our goals
and strategic priorities, introduction of products, share repurchase
initiatives, branch openings and competition as well as initiatives to
grow revenue or reduce retention payments. Forward-looking information
is subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Cash Store Financial, to be materially different from
those expressed or implied by such forward-looking information,
including, but not limited to, changes in economic and political
conditions, legislative or regulatory developments, technological
developments, third-party arrangements, competition, litigation, risks
associated with but not limited to, market conditions, and other
factors described under the heading "Risk Factors" in our Annual MD&A,
which is on file with Canadian provincial securities regulatory
authorities, and in our Annual Report on Form 20-F/A filed with the
U.S. Securities and Exchange Commission. All material assumptions used
in providing forward-looking information are based on management's
knowledge of current business conditions and expectations of future
business conditions and trends, including our knowledge of the current
credit, interest rate and liquidity conditions affecting us and the
general economic conditions in Canada, the United Kingdom and
elsewhere. Although we believe the assumptions used to make such
statements are reasonable at this time and have attempted to identify
in our continuous disclosure documents important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Certain
material factors or assumptions are applied by us in making
forward-looking information, including without limitation, factors and
assumptions regarding our continued ability to fund our payday loan
business, rates of customer defaults, relationships with, and payments
to, third party lenders, demand for our products, as well as our
operating cost structure and current consumer protection regulations.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. We do not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE: The Cash Store Financial Services Inc.
For further information:
For further information, please contact:
Gordon Reykdal, Chief Executive Officer, at 780-408-5118, or
Peter Block, NATIONAL Public Relations, 416-848-1431