Business
Janus Henderson Investors statement re NSF's offer
Janus Henderson Investors statement re NSF's offer.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 1337B Provident Financial PLC 04 June 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 \n4 June 2019\nProvident Financial plc (\"Provident\")\nJanus Henderson Investors statement regarding NSF's unsolicited offer\n \nJanus Henderson Investors statement on Tuesday 4th June regarding NSF's unsolicited offer is published below. Provident has already received and seen statements of intent from Schroders, Coltrane and M&G respectively. In total, holders of approximately 21.6 per cent. of Provident shares have publicly stated they do not intend to accept the NSF offer.\nThe Provident Board believes that the offer is significantly flawed and value destructive, and urges its shareholders to take no action in relation to the NSF offer.\n………………………………………………………………………………………………………………………\nDear Chairman,\n \nI am writing on behalf of Janus Henderson Investors to inform you that our current intention is to not accept the offer made by Non-Standard Finance plc (NSF) for Provident Financial Group plc (PFG). Our intention applies to the entire shareholding in PFG held on behalf of our clients, which as at the time of writing is 3.4m shares. We do not hold any interests in shares of NSF.\n \nWe are supportive of PFG's existing strategy and recent results suggest they are making good progress towards recovery of the home credit business. We have not been convinced of a compelling logic for the combination of NSF with PFG. Therefore we do not think it is in the best interests of our clients for us to accept the offer. \n \nI confirm that we consent to this confirmation being referenced publicly.\n \nYours sincerely,\n \nAntony Marsden\n \nHead of Governance and Responsible Investment, Janus Henderson Investors\nFor and on behalf of Henderson Global Investors Limited in its capacity as discretionary investment manager for The Janus Henderson Cautious Managed Fund, the Law Debenture Corp, The Lowland Investment Company plc, The Henderson Opportunities Trust plc, The Janus Henderson UK Equity Income & Growth Fund\n………………………………………………………………………………………………………………………\n \nSources and bases\...