Business
Update on Offer by Non-Standard Finance plc
Update on Offer by Non-Standard Finance plc.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 1767Z Provident Financial PLC 15 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 \n15 May 2019\nProvident Financial plc (\"Provident\")\n92 per cent. of shares held by Independent Shareholders have not been assented to the Offer\n· The Provident Board notes that Non-Standard Finance plc (\"NSF\") has today taken the technical step of declaring its Offer unconditional as to acceptances. However, the Offer remains subject to a number of material conditions. We also note that:\no in aggregate, 92 per cent. of shares held by Independent Shareholders have not been assented to the NSF Offer;\no valid acceptances have been received in respect of a total of only 135,657,017 Provident Shares as at 1.00pm (London time) on 15 May 2019, representing only 53.5 per cent of the voting rights of Provident, which represents a level of acceptances insufficient to delist Provident or to commence the compulsory acquisition procedure; and\no such acceptances represent an incremental increase of only 4 per cent. in the 12 weeks since NSF launched its unsolicited, nil-premium, Offer.\n \nImportant conditions including the FCA, PRA and CMA yet to be satisfied or waived\n· Provident notes that regardless of today's announcement the Offer remains conditional on the satisfaction or waiver of important conditions, including receipt of approvals from the FCA, the PRA and the CMA. \no As of 14 May 2019, the CMA had not commenced its Phase 1 review and consequently it is extremely unlikely that the CMA will make a decision on or before 5 June 2019. \no Accordingly, if the FCA and PRA were to approve the change of control, NSF will have a choice on 5 June 2019 as to whether or not to waive the CMA condition and close its value destructive Offer. In the event that NSF were to declare the Offer wholly unconditional, Provident Shareholders should note that NSF has undertaken to keep its Offer open for acceptance for a period of at least seven days from the date that the Offer is declared wholly unconditional.\no The level of acceptances received...