Cash America Board Approves Spin-off Of E-Commerce Unit

(RTTNews) - Cash America International Inc. (CSH) Wednesday said its Board of Directors has approved the spin-off of its E-Commerce division Enova International Inc. into an independent and separate publicly traded company.

Cash America and Enova will be separated through the distribution of approximately 80 percent of the outstanding shares of Enova to holders of Cash America International common stock.

Cash America shareholders will receive 0.915 shares of Enova common stock for every one share of Cash America common stock held at the close of business on November 3.

Shares of Enova common stock will be traded on the New York Stock Exchange under the symbol "ENVA."