26 April 2022ASX AND NZX ANNOUNCEMENT Sale of Canadian Consumer Credit Book
Michael Hill International Limited (ASX/NZX: MHJ) is pleased to announce it has agreed to the sale of its in-house Canadian credit receivables to Canadian consumer credit provider, Flexiti Financial Inc. (“Flexiti”), with an effective date of 31 May 2022.
MHJ has partnered with Flexiti for the provision of third-party consumer credit across MHJ’s 85 store Canadian network, and in a global first for MHJ, offering long term credit applications on-line.
Cash sale proceeds currently estimated at approximately A$12m will be received in early June 2022, based on the 31 May 2022 book balance. This sale further enhances the Company’s balance sheet, while also strengthening its cash position.
Commenting on the sale, Managing Director and CEO of Michael Hill International Limited, Daniel Bracken said:
“This strategic partnership with Flexiti presents a significant opportunity to expand and enhance our Canadian offering, with access to a broader customer base. We look forward to enhancing this important relationship with Flexiti, which provides a further growth and productivity lever for our already highly performing Canadian business.”
This announcement is authorised for release by the Board. ENDS
Bookmarks