CASH AMERICA ANNOUNCES PURCHASE OF BRITISH PAWNSHOP CHAIN AND PUBLIC OFFERING
CASH AMERICA ANNOUNCES PURCHASE OF BRITISH PAWNSHOP CHAIN
AND PUBLIC OFFERING
FORT WORTH, Texas, Feb. 12 /PRNewswire/ -- Daniel R. Feehan, president, announced today that Cash America (NYSE: PWN) has completed its purchase of the Pawnbroking Division of Harvey & Thompson PLC of London for approximately $26 million, which consists of 26 pawnshops located in the United Kingdom. Jack Daugherty, chairman and CEO stated, "This acquisition is another milestone in the exciting history of Cash America and will add significantly to the knowledge and experience base of our existing operations." Feehan went on to say, "We are extremely excited about adding the prestigious Harvey & Thompson operations to our company, with its 100-year history in the pawnbroking business."
Cash America Investments also announced the public offering of 2,000,000 shares of common stock at $22.50 per share.
The offering is co-managed by The Principal/Eppler, Guerin & Turner, Inc. and Cazenove Inc. The company plans to use the proceeds of the offering to retire bank debt incurred in connection ith the company's recently completed acquisition of Harvey & Thompson's English-based pawn business and other corporate purposes.
Cash America operates 180 locations in eight states.
/CONTACT: Eugene M. Estep or Michele L. Rosenblum, of Cash America, 817-335-1100/
(PWN) CO: Cash America ST: Texas IN: SU: OFR AH -- NY036 -- 9183 02/12/92 11:05 EST