ACE Cash Express Announces Special Meeting of Shareholders
30 Agosto 2006 - 12:34AM
PR Newswire (US)
DALLAS, Aug. 29 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc.
(NASDAQ:AACE) announced today that it has established a record date
and special meeting date for its shareholders to consider and vote
upon the proposal to approve and adopt the Agreement and Plan of
Merger, dated June 6, 2006 by and among ACE and an entity formed by
JLL Partners, Inc., pursuant to which investment funds sponsored by
JLL Partners, ACE's Chief Executive Officer and certain members of
ACE's senior management team would acquire all of the outstanding
shares of ACE's common stock and shareholders of ACE will receive
$30.00 per share in cash. ACE shareholders of record at the close
of business on August 28, 2006, will be entitled to notice of the
special meeting and to vote on the proposal. The special meeting
will be held on Friday, September 29, 2006 at 8:00 a.m. CDT, at The
Four Seasons Resort and Club, 4150 MacArthur Boulevard, Irving,
Texas, 75038. About ACE Cash Express ACE Cash Express, Inc. is a
leading retailer of financial services, including check cashing,
short-term consumer loans, bill payment and prepaid debit card
services, and the largest owner, operator and franchisor of check
cashing stores in the United States. As of June 30, 2006, ACE had a
network of 1,573 stores in 38 states and the District of Columbia,
consisting of 1,353 company-owned stores and 220 franchised stores.
ACE focuses on serving consumers, many of whom seek alternatives to
traditional banking relationships in order to gain convenient and
immediate access to financial services. ACE's website is found at
http://www.acecashexpress.com/ . About JLL Partners Established in
1988, JLL Partners is a group of 17 professionals focused on
partnering with proven managers to create equity value by creating
or improving and growing fundamentally sound companies with strong
business franchises. For more information, please visit
http://www.jllpartners.com/ . Forward Looking Statement This
release contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are generally identified by the use of words such
as "expect," "anticipate," "estimate," "believe," "intend," "plan,"
"target," "goal," "should," "would," and terms with similar
meanings. Although ACE believes that the current views and
expectations reflected in these forward-looking statements are
reasonable, these views and expectations, and the related
statements, are inherently subject to risks, uncertainties, and
other factors, many of which are not under ACE's control and may
not even be predictable. Any inaccuracy in the assumptions, as well
as those risks, uncertainties and other factors could cause the
actual results to differ materially from these in the
forward-looking statements. These risks, uncertainties, and factors
include, but are not limited to, the ability of ACE and JLL
Partners to satisfy the various conditions contained in the merger
agreement between the parties, including ACE shareholder approval,
government approvals and other customary conditions, and matters
described in ACE's reports filed with the Securities and Exchange
Commission, such as: -- ACE's relationships with True Financial,
LP, First Bank of Delaware, Travelers Express and its affiliates,
and its bank lenders; -- ACE's relationships with providers of
services or products offered by ACE or property used in its
operations; -- federal and state governmental regulation of check
cashing, short-term consumer lending and related financial services
businesses; -- any impact to ACE's earnings derived from the
installment loans offered by First Bank of Delaware at ACE's stores
in Pennsylvania and Arkansas from the Federal Deposit Insurance
Corporation's Revised Guidelines for Payday Lending, which took
effect on July 1, 2005 and require that such banks develop
procedures to ensure that a payday loan is not provided to any
customer with payday loans outstanding from any lender for more
than 3 months in the previous 12 months; -- any litigation; --
theft and employee errors; -- the availability of adequate
financing, suitable locations acquisition opportunities and
experienced management employees to implement ACE's growth
strategy; -- increases in interest rates, which would increase
ACE's borrowing costs; -- the fragmentation of the check cashing
industry and competition from various other sources, such as banks,
savings and loans, short-term consumer lenders, and other similar
financial services entities, as well as retail businesses that
offer services offered by ACE; -- the terms and performance of
third-party services offered at ACE's stores; and -- customer
demand and response to services offered at ACE's stores. ACE
expressly disclaims any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in ACE's views or expectations, or otherwise.
ACE makes no prediction or statement about the performance of its
common stock. Additional Information And Where to Find It ACE filed
with the Securities and Exchange Commission ("SEC") a proxy
statement and other relevant documents in connection with the
proposed acquisition of ACE by JLL. Investors and security holders
of ACE are urged to read the proxy statement and other relevant
documents because they contain important information about ACE, JLL
and the proposed merger. Investors and security holders of ACE may
obtain free copies of the proxy statement and other relevant
documents filed with the SEC at the SEC's website at
http://www.sec.gov/ , or at ACE's website at
http://www.acecashexpress.com/ . In addition, investors and
security holders of ACE may obtain free copies of the proxy
statement by writing to ACE Cash Express, Inc., 1231 Greenway
Drive, Suite 600, Irving, Texas 75038 Attention: Legal Department,
or by emailing ACE at . ACE and its directors, executive officers,
certain members of management and certain employees may be deemed
to be participants in the solicitation of proxies in connection
with the proposed merger. A description of the interests in ACE of
its directors and executive officers is set forth in ACE's
quarterly report on Form 10-Q for the quarter ended March 30, 2006
filed with the SEC on May 5, 2006, ACE's annual report on Form 10-K
for the fiscal year ended June 30, 2006 filed with the SEC on
August 29, 2006 and in ACE's proxy statement for its 2005 annual
meeting of shareholders filed with the SEC on October 13, 2005.
Additional information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of
proxies in connection with the proposed merger, and a description
of their direct and indirect interests in the proposed merger, is
set forth in the proxy statement filed with the SEC. DATASOURCE:
ACE Cash Express, Inc. CONTACT: William S. McCalmont, Executive
Vice President & CFO, +1-972-753-2314, or ; or Douglas Lindsay,
Vice President of Finance, +1-972-753-2342, or , both of ACE Cash
Express, Inc. Web site: http://www.acecashexpress.com/
http://www.jllpartners.com/
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