EZCORP Inc.on April 6 provided updates on several areas following its 2016 annual meeting ofstockholders.
EZCORP's board commissioned a special committee of independentdirectors to oversee the strategicreview of Grupo Finmart. CEO Stuart Grimshaw reaffirmed that the finalizationof the review remains a key priority for the company, and that it is anticipatedby the end of June. UBS Investment Bank is acting as financial adviser to EZCORP.
Grimshaw reiterated the fiscal first-quarter statement that theperformance of the company's core U.S. and Mexico pawn businesses improved, withfiscal first-quarter key indicators slightly ahead of internal expectations.
EZCORP also announced that it completed the acquisitionof six pawn stores in the Houston area doing business under the Pawn One brand.The stores were fully integrated as part of the EZPAWN brand. In Mexico, the businessis focusing on new store openings, with four set to be opened in coming months.
Grimshaw said the management has been subject to an internallyimposed trading blackout for over a year because of the significant challenges,changes and initiatives the company has undergone and continues to deal with. Theblackout is expected to continue until at least the public announcement of the outcomeof the Grupo Finmart strategic review.
In addition, the company announced that Jodie Maccarrone, chiefstrategy officer and vice chair of Grupo Finmart, will be leaving the company, effectiveMay 1. Maccarrone joined EZCORP in April 2012 and servedas president of the company's U.S. financial services business from July 2014 untilthe company exited that business in 2015.