Goeasy Launches Plan to Thwart Takeover Bids After Stock’s 76% Plunge

Subprime lender Goeasy Ltd. adopted a shareholder rights plan as its results showed more consumer credit strain. The shares fell.

The struggling Canadian firm lost C$1.90 a share on an adjusted basis in the first quarter, worse than the C$1.45-per-share loss expected by analysts. The lender’s net chargeoffs were almost 18% of gross consumer loans — about double the year before, but in line with the guidance management laid out in March. The stock dropped 3.4% to C$29.95 as of 10:13 a.m. in Toronto, its lowest level since April 2020.