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Slovar Limited Capital/Financing Update 2015
17773_rns_2015-08-03_94eab7ba-be43-46b4-b366-83ebf3aa14e9.pdf
Capital/Financing Update
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money3
4 August 2015
ASX Announcements
UPDATE REGARDING BANKING FACILITIES
Banking facilities
Money3 Corporation Limited ('Money3') received notice from Westpac of their intent to cease their banking relationship with certain small amount consumer credit providers, including Money3.
The Westpac securitisation facility accessed by Money3 to fund the automotive business is currently drawn to approximately $10 million and we note Money3 has the capacity to repay the facility from existing cash flows. Westpac have committed they will honour all existing contractual agreements with Money3. The existing facility has a 12 month run off period after December 2015.
Money3 expects to announce a facility in due course that will ensure business growth is not limited by access to funding.
In addition to the $10 million Westpac facility Money3 has in place a $30 million corporate bond facility that is unaffected by Westpac's decision.
Money3 unaffected by Cash Converters class action
Money3 note the recent announcement that Maurice Blackburn have commenced a class action against Cash Converters International Limited ('Cash Converters'), regarding finance products offered by Cash Converters Queensland branches.
Without making any judgement on the basis of the abovementioned class action, for clarification, Money3 has at no time offered products in Queensland that could give cause to a similar action against Money3.
Should you have any questions relating to this announcement please contact Scott Baldwin on 03 9093 8255.
Yours Sincerely,
Mr Scott Baldwin
Acting Chief Executive Officer / Managing Director
Telephone: +61 3 9093 8255
ABOUT MONEY3 CORPORATION LIMITED (ASX: MNY)
Devoted to leading the transformation of the consumer lending industry in Australia, Money3 is a responsible lender that is dedicated to assisting Australians who are financially excluded. Money3 provides short term loans and secured finance options up to 60 months with offices in Victoria, Tasmania, South Australia, New South Wales, Queensland and Western Australia.
Money3 also trades under the names Personal Finance Co in Tasmania which commenced trading in 1933, and online under the Cash Train brand.
Money3 Corporation Limited
ABN 63 117 296 143
Australian Credit Licence
389 782
Level 1, 40 Graduate Road
Bundoora, Vic, 3083
T 61 3 9093 8255
F 61 3 9093 8227
www.money3.com.au