Business
Group Developments Update and Offer by NSF plc
Group Developments Update and Offer by NSF plc.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 9559R Provident Financial PLC 06 March 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 \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFOR IMMEDIATE RELEASE\n \nProvident Financial plc\n \nUpdate on recent group-wide developments and further clarifications regarding the unsolicited offer (the \"Offer\") by Non-Standard Finance plc (\"NSF\") for Provident Financial plc\n \nAs stated on 25 February 2019, the Board of Provident Financial plc, (\"Provident\", the \"Company\" or, with its subsidiaries, the \"Group\") continues to believe strongly that the Offer is not in the best interests of Provident's shareholders and should be firmly rejected. The Board believes it has a clear plan to maximise value for all Provident shareholders by executing its strategy to deliver growth and attractive returns through its complementary, synergistic and industry leading businesses. As well as undervaluing the Group and its prospects, the Offer presents significant operational and execution risks due to the changing regulatory environment, NSF's track record of value destruction and NSF's limited experience across the full breadth of Provident's businesses. In addition, the Offer has major strategic flaws and appears to be based upon a misguided view that the regulatory approach to Provident would be different if the Group was owned by NSF. The Board is committed to maximising value for all Provident shareholders and will explore all appropriate alternatives to achieve that objective.\nSummary\n \nProvident announces the following recent developments ahead of its preliminary results for the year, which will be announced on 13 March 2019. \n \n1. The Board believes that Provident has substantially resolved all material outstanding regulatory issues with the FCA and has completed the search for a new Managing Director and a new Chairman for Vanquis\n· Vanquis Bank: Repayment Option Plan (\"ROP\") refund programme over 99% implemented within the previously announced financial provision for refunds and balance reductions and agreed timetable with the FCA;\n·  ...