Ann: Appendix 4E and FY23 Annual Report, page-5

Sometime over the next 6 weeks a collection of board members working for EZCORP will take advantage of this dip following the ex-date and recommend buying more than 10m shares on market for their parent entity EZPW.

Then we’ll be told some garbled nonsense justifying why the same board members believe Cash Converter’s free cash flow should not be used to buyback shares whilst we trade at 30% discount to Net Tangible Assets, or paid out in full as a dividend, but instead invested in so called ‘growth projects’. Projects that have evidently produced growth everywhere but the bottom line.

Management then express confusion over why we trade on a P/E multiple of 7. Groundhog day in Perth!