WASHINGTON (AFX) - Ace Cash Express Inc. said Monday it has set the fiscal 2007 salary of President and Chief Executive Jay B. Shipowitz at $525,000.
This amount, disclosed in a Monday filing with the Securities and Exchange Commission, compares with the $450,000 salary Shipowitz received for fiscal 2006, which ended Friday.
Ace Cash Express, based in Irving, Texas, provides check-cashing, short-term consumer loans, bill payment and prepaid-debit-card services.
On June 7, Ace Cash Express agreed to be bought out by private equity firm JLL Partners and company senior management for $30 cash per share. The deal would be valued at about $420 million based on the company's roughly 14 million estimated shares outstanding. JLL Partners, Shipowitz and other senior management will acquire all of the company's shares outstanding.
Shipowitz will remain Ace Cash Express president and chief executive, the company said. Under the agreement, the company may continue to solicit acquisition proposals from third parties for 30 days.
Shares rose 1 cent to close at $29.28 Monday on the Nasdaq Stock Market.
The company had 2005 sales of $268.6 million.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.