Business
Progress Update
Progress Update.
About this update from Distribution Finance Capital Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1317B Distribution Finance Cap. Hldgs PLC 04 June 2019 \n\nDistribution Finance Capital Holdings plc \n(\"DFC Holdings\" or together with its subsidiary \"DFC Ltd\", \"DFC\" or the \"Company\")\nProgress Update \nFollowing the successful completion of the Company's introduction to AIM last month, the business finalised its banking licence application. As indicated at the time of the Company's AIM admission, the Prudential Regulation Authority (\"PRA\") and the Financial Conduct Authority (\"FCA\") were working towards a statutory deadline of July 3rd 2019 by when a decision must be given.\n \nAt a meeting earlier today the PRA and FCA have provided further feedback which will result in the Company making a limited number of changes to its application. Given the statutory deadline cannot be extended, and the work to amend the application and subsequent PRA review is unlikely to be completed by July 3rd 2019, the Company has decided to withdraw its application with the intention to re-submit the revised version during July 2019. While the decision process and timing remain at the discretion of the regulator, the Board is of the view that the business remains on track to launch into the deposit market in Q4 2019.\n \nBased on the delay DFC anticipate, there is no current expectation that overall profitability during 2019 will materially vary from the current guidance. Trading in the underlying lending business remains strong with assets ahead of forecast at the end of May 2019.\n \n \nEnquiries\n \nDistribution Finance Capital Holdings plc +44 (0) 20 3937 6406\nChris Dailey, Chief Executive Officer\nGavin Morris, Chief Financial Officer\nhttp://www.dfcapital-investors.com\n \nMacquarie Capital (Europe) Limited (NOMAD and broker) +44 (0) 20 3037 2000\nAlex Reynolds\nNicholas Harl...