Business
Update in respect of Offer from NSFplc
Update in respect of Offer from NSFplc.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 0229Z Provident Financial PLC 14 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 \n14 May 2019\nProvident Financial plc (\"Provident\")\nUpdate in respect of Offer from Non-Standard Finance plc (\"NSF\") \n \nIn accordance with Rule 24.16 of the Takeover Code, Provident notes the following updates to the ranges of fees and expenses expected to be incurred by Provident in connection with the Offer (excluding any applicable VAT and disbursements). The total fees and expenses expected to be incurred by Provident in respect of the Offer are in the range £19.0 million to £21.0 million (previously estimated as £17.33 million to £22.02 million). In particular, (i) Financial and Corporate Broking advice is expected to be in the range £13.9 million to £14.1 million; (ii) Accounting advice is expected to be £0.4 million, in reflection of the additional forensic accounting advice required to investigate NSF's unlawful shareholder distributions and related advice; and (iii) Other professional services is expected to be £0.4 million. Provident's expectations for the other categories of fees and expenses remain in line with the ranges previously disclosed in the response document published on 23 March 2019. \n \nUnless otherwise defined, all capitalised terms in this announcement shall have the meaning given to them in the response document published on 23 March 2019.\n \nEnquiries \nProvident Financial plc, Tel: +44 12 7435 1135\nPatrick Snowball, Chairman \nMalcolm Le May, Chief Executive Officer\nGary Thompson / Vicki Turner, Investor Relations, Tel: +44 12 7435 1900\nRichard King, Media, Tel: +44 20 3620 3073\n \nBarclays (Joint Lead Financial Adviser and Corporate Broker to Provident)\nRichard Taylor, Tel: +44 20 7623 2323\nKunal Gandhi \nFrancesco Ceccato \nDerek Shakespeare \n\nJ.P. Morgan Cazenove (Joint Lead Financial Adviser and Corporate Broker to Provident)\nEd Byers, Tel: +44 20 7742 4000 \nJeremy Capstick \nClaire Brooksby \nJames Robinson \n \nJefferies (Financial Adviser...