RE:RE:I am not surprisedCash Store Financial Provides Update On Strategic Review Process
EDMONTON, Feb. 20, 2014 /CNW/ - The Cash Store Financial Services Inc. ("Cash Store Financial" or the "Company") (TSX: CSF; NYSE: CSFS) today announced that the special committee of its Board of Directors has selected Rothschild as its independent financial advisor to assist it in its strategic alternative review process.
As previously disclosed, the Board of Directors constituted a special committee of independent directors to (i) review and respond to recent developments in Ontario regarding the Company's inability to sell payday loan products in Ontario and (ii) to carefully evaluate the strategic alternatives available to the Company with a view to maximizing value for all of its stakeholders.
The Board has not established a definitive timeline for the special committee of independent directors to complete its review and there can be no assurance that this process will result in any specific strategic or financial or other value-creating transaction. The Company does not currently intend to disclose further developments with respect to this process, unless and until the Board of Directors approves a specific transaction, concludes its review of the strategic alternatives or otherwise determines there is material information to communicate.