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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 14, 1997
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SEARCH FINANCIAL SERVICES INC.
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(Exact name of registrant as specified in charter)
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<S> <C> <C>
DELAWARE 0-9539 41-1356819
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(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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600 N. PEARL STREET
SUITE 2500
DALLAS, TEXAS 75201-2899
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 965-6000
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On November 14, 1997, Registrant announced that its Board of Directors
had unanimously approved proceeding with an exchange offer whereby Registrant
would offer holders of its 9%/7% Convertible Preferred Stock and 12% Senior
Convertible Preferred Stock (the "Preferred Stock") the opportunity to exchange
each share of Preferred Stock for four shares of Registrant's Common Stock.
Approval of Registrant's stockholders is required for the exchange offer to
proceed.
Registrant also announced that its Board of Directors had also approved
seeking approval of Registrant's stockholders for a reclassification of each
series of the Preferred Stock into Common Stock at the rate of four shares of
Common Stock for each share of Preferred Stock. If approved by the requisite
vote of stockholders, the reclassification would effect the exchange of all
shares of the Preferred Stock.
Registrant will file a registration statement, which will include the
proxy statement/prospectus for the meeting of its stockholders and the exchange
offer, with the Securities and Exchange Commission shortly. The exchange offer
may only be made by means of the proxy statement/prospectus.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SEARCH FINANCIAL SERVICES INC.
By: /s/ Ellis A. Regenbogen
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Ellis A. Regenbogen
Executive Vice President
Dated: November 20, 1997
