EZCORP Terminates Proposed Transaction With Cash Converters

EZCORP EZPW announced today that it has terminated the Transaction Implementation Agreement with Cash Converters International Limited effective immediately. Under that agreement, which was originally announced in March, EZCORP would have, among other things, acquired a controlling interest in Cash Converters. The termination follows the release by the Australian Federal Government on August 25 of various proposals to limit the amount of fees that can be charged in connection with "small amount credit contracts." As currently proposed, those limitations could have a material impact on Cash Converters' consumer loan business in Australia. Consequently, EZCORP has elected to terminate the agreement in accordance with its terms.