Cash Converters director sells $2.57 million shares

Cash Converters International managing director Peter Cumins has today sold $2.57 million worth of shares in the company he and his brother Brian Cumins helped build.

Mr Cumins has sold off 2 million shares while still retaining an interest in over 10.2 million shares valued at over $12.5 million.

Cash Converters share price lost 7 cents in afternoon trading and is currently trading at $1.25.

This comes off the back of a recent low that saw Cash Converters share price fall to under 50 cents, despite the company achieving strong profit growth in the half year to December 2012 to $18.4 million.

Cash Converters recently acquired 8 franchised stores in Australia at a cost of $32.6 million in cash including one located in Perth.

This recent acquisition takes the number of corporate owned stores in Australia to 55 with the company also owning 63 in the UK.