Business
Lack of Response from Non Standard Financial plc
Lack of Response from Non Standard Financial plc.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 0211W Provident Financial PLC 12 April 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 \n12 April 2019\n \nProvident Financial plc (\"Provident\")\nConcern at lack of response from Non-Standard Finance plc (\"NSF\") on unanswered questions \n· The Provident Board remains gravely concerned by NSF's failure to respond to the material outstanding questions, raised by Provident ten days ago on 2 April 2019, both in relation to the Offer and NSF's historical dividend payments and share buybacks. Provident shareholders deserve clarity to enable them to make an informed decision on the merits, or otherwise, of the Offer. \n \n· We note that the vast majority of shares subject to acceptances of the Offer to date have come from shareholders who also hold shares in NSF and who may therefore have a different perspective as to the merits of the Offer than that of other shareholders. \n \n· The Provident Board continues to have significant concerns about the Offer, not least because NSF has repeatedly made pre-tax losses on a statutory basis, its share price is near an all-time low, and it would opportunistically benefit from the relative financial strength of Provident. \n \n· The terms of the Offer remain highly unattractive for Provident Shareholders. Based upon the latest NSF share price, the Offer values each Provident share at 449 pence, a 13.9 per cent and 12.1 per cent discount respectively to the latest Provident share price and the Provident share price immediately prior to NSF's Rule 2.7 announcement.\n \n \nThe Provident Board strongly advises all Provident Shareholders to take no action in relation to the Offer.\n \nCapitalised terms used in this document shall have the same meanings given to them in the response document published by Provident on 23 March 2019. \n \n \n \n \nBases and Sources\nUnless otherwise stated:\n1. The value of the Offer for each Provident share of 449 pence is calculated using the NSF Closing Price ...