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M&G statement regarding NSF's unsolicited offer
M&G statement regarding NSF's unsolicited offer.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 2224A Provident Financial PLC 28 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 \n28 May 2019\nProvident Financial plc (\"Provident\")\nM&G statement regarding NSF's unsolicited offer\n \nM&G's statement on Friday 24th May regarding NSF's unsolicited offer is published below. Provident has already received and seen statements of intent from Schroders and Coltrane respectively. In total, holders of approximately 20.2 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,\nRe NSF's offer to acquire Provident Financial (\"PFG\")\nI am writing on behalf of M&G Investments to inform you that our current intention is to not accept NSF's offer for PFG in respect of our entire shareholding. \n \nM&G is supportive of PFG's current strategy and does not believe that a combination with NSF and subsequent break up of the enlarged group will create value for PFG shareholders, and therefore is not in the best interest of our investors.\n \nWe hold 4.2 million shares in PFG, on behalf of our clients, representing 1.7% of the issued share capital and we do not have a shareholding in NSF.\n \nI confirm that we consent to this confirmation being referenced publicly.\n \nYours sincerely,\n \n \nRupert Krefting\nHead of Corporate Finance and Stewardship\n………………………………………………………………………………………………………………………\n \nSources and bases\nThe assertion that holders of approximately 20.2 per cent. of Provident shares have publicly stated that they do not intend to accept the NSF offer is by reference to a) the total issued share capital of Provident of 253,378,601 shares; and b) the total shareholdings in Provident of Schroders, Coltrane, and M&G, who hold 37,066,152 Provident shares, 9,879,504 Provident shares, and 4,233,066 Provident shares, respectively.\n \n \nEnquiries \nProvident Financial plc,&n...