Business
Clarification
Clarification.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 7271Y Provident Financial PLC 10 May 2019 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \nFOR IMMEDIATE RELEASE\n \n10 May 2019\nProvident Financial plc (\"Provident\")\nClarification - Schroders' support against Non-Standard Finance plc's (\"NSF\") nil-premium unsolicited Offer for Provident and 96 per cent. of shares held by Independent Shareholders have not been assented to the Offer\n· Further to the public confirmation provided by Schroders on Tuesday 7 May 2019 that it will not be accepting NSF's unsolicited Offer in respect of its 14.6 per cent. shareholding in Provident, Provident continues to actively engage with its shareholders and urges them to follow Schroders' lead and reject NSF's flawed and value destructive Offer.\n· Provident and its advisers have collectively met with shareholders representing approximately 35 per cent. of Provident Shares since Tuesday, and the Board continues to urge all shareholders to take no action and not accept this opportunistic and value destructive Offer.\n· In addition, Provident notes that as per the latest acceptance report received from NSF as at 3:30pm on 7 May 2019, 96 per cent. of shares held by Independent Shareholders have not been assented to the NSF Offer. \n· Some eleven weeks since the launch of its unsolicited, nil-premium Offer, NSF has only been able to secure approximately 2 per cent. incremental acceptances from Provident Shareholders beyond those committed at the time of launch.\n· The Provident Board believes that this is a clear signal that the Offer has significant flaws, would be value destructive and is not in the best interests of Independent Shareholders.\n· Despite making representations that they had been in dialogue with the CMA for several weeks prior to announcement of its Offer, as of 9 May 2019, NSF has still not commenced the formal CMA Phase 1 review of its Offer, which could take a further three months. This continues to highlight the serious competition problems the Offer presen...