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United Kingdom

Provident Financial PLC (PFG.L)

PFG.L on London Stock Exchange

527.00GBp
21 Mar 2019
Change (% chg)

-2.20 (-0.42%)
Prev Close
529.20
Open
522.00
Day's High
530.00
Day's Low
515.00
Volume
395,520
Avg. Vol
677,175
52-wk High
728.49
52-wk Low
481.08

Latest Key Developments (Source: Significant Developments)

Coltrane Asset Management Discloses 3.61 Pct Interest In Provident Financial - Filing
12:57pm GMT 

March 21 (Reuters) - Provident Financial::COLTRANE ASSET MANAGEMENT DISCLOSES 3.61 PERCENT INTEREST IN PROVIDENT FINANCIAL PLC - FILING.  Full Article

Non-Standard Finance Reports Smaller Pretax Loss For 2018
Friday, 8 Mar 2019 

March 8 (Reuters) - Non-Standard Finance Plc ::PRELIMINARY ANNOUNCEMENT OF 2018 FULL YEAR RESULTS.FY UNDERLYING RESULTS AHEAD OF CONSENSUS FORECASTS WITH STRONG GROWTH IN OPERATING PROFIT IN ALL THREE DIVISIONS.GOOD START TO YEAR AND IN-LINE WITH MANAGEMENT'S EXPECTATIONS.FY NORMALISED REVENUE UP 39 PCT TO 166.5 MLN (2017: 119.8 MLN); REPORTED REVENUE OF 158.8 MLN (2017: 107.8 MLN STG).RECOMMENDED FINAL DIVIDEND OF 2.00P PER SHARE (2017: 1.70P) MAKING A TOTAL DIVIDEND FOR YEAR OF 2.60 PENCE PER SHARE (2017: 2.20 PENCE).FY REPORTED LOSS BEFORE TAX 1.6 MILLION STG VERSUS 13 MILLION STG AS REPORTED A YEAR EARLIER.NON-STANDARD FINANCE PLC FY NORMALISED PROFIT BEFORE TAX UP 12 PCT TO 14.8 MLN STG.REMAIN CONFIDENT IN FULL YEAR OUTLOOK.ON LIKE-FOR-LIKE BASIS, COMBINED NET LOAN BOOK AT 31 DECEMBER 2018 INCREASED BY 29 PCT TO 310.3 MLN STG, BEFORE FAIR VALUE ADJUSTMENTS.2019 HAS STARTED WELL WITH LOAN BOOK GROWTH IN LINE WITH PLAN AND IMPAIRMENT TIGHTLY CONTROLLED.GOT IRREVOCABLE UNDERTAKINGS TO ACCEPT OFFER, LOI TO ACCEPT OFFER IN RESPECT OF, IN AGGREGATE, 49.4 PERCENT OF PROVIDENT'S ISSUED SHARE CAPITAL.WHILST MACROECONOMIC, POLITICAL UNCERTAINTY SURROUNDING BREXIT REMAIN SIGNIFICANT, CO NOT SEEN ANY NOTABLE EFFECT ON ITS BUSINESS TO-DATE.IDENTIFIED THAT REDUCTION IN 2019 FORECAST EARNINGS OF BETWEEN 3 PCT AND 8 PCT WOULD NECESSITATE AN IMPAIRMENT CHARGE.  Full Article

Provident Financial Comments On FCA Letter To Non-Standard Finance
Thursday, 7 Mar 2019 

March 7 (Reuters) - Provident Financial PLC ::PROVIDENT FINANCIAL RESPONSE TO FCA LETTER TO NSF.NOTE ANNOUNCEMENT MADE BY NON-STANDARD FINANCE PLC DISCLOSING LETTER THEY HAVE RECEIVED FROM FCA."AIMS TO OPERATE AT HIGHEST FCA AND PRA REGULATORY STANDARDS" TO ENSURE SUSTAINABLE RETURNS FOR SHAREHOLDERS.  Full Article

Non-Standard Finance Says Invesco Informed Co It Had Sold 6,994 Controlled Shares
Thursday, 7 Mar 2019 

March 7 (Reuters) - Non-Standard Finance PLC ::UPDATE FROM INVESCO REGARDING ITS LETTER OF INTENT.ON 6 MARCH, INVESCO INFORMED CO IT HAD SOLD 6,994 CONTROLLED SHARES.ON 6 MARCH, INVESCO CONFIRMED INTENTION FOR REMAINING CONTROLLED SHARES REMAINED UNCHANGED.NSF NOW HAS A LETTER OF INTENT TO ACCEPT OFFER FROM INVESCO IN RESPECT OF ABOUT 22.1 MILLION PROVIDENT SHARES.  Full Article

Provident Financial Believes NSF Offer Not In Best Interests Of Co's Shareholders
Wednesday, 6 Mar 2019 

March 6 (Reuters) - Provident Financial Plc ::GROUP DEVELOPMENTS UPDATE AND OFFER BY NSF PLC.BOARD BELIEVES THAT PROVIDENT HAS SUBSTANTIALLY RESOLVED ALL MATERIAL OUTSTANDING REGULATORY ISSUES WITH FCA AND HAS COMPLETED SEARCH FOR A NEW MANAGING DIRECTOR AND A NEW CHAIRMAN FOR VANQUIS.NSF OFFER PRESENTS SIGNIFICANT OPERATIONAL AND EXECUTION RISKS DUE TO CHANGING REGULATORY ENVIRONMENT.CONTINUES TO BELIEVE STRONGLY THAT NSF OFFER IS NOT IN BEST INTERESTS OF PROVIDENT'S SHAREHOLDERS AND SHOULD BE FIRMLY REJECTED.BELIEVES THAT PROVIDENT HAS SUBSTANTIALLY RESOLVED ALL MATERIAL OUTSTANDING REGULATORY ISSUES WITH FCA.HAS COMPLETED SEARCH FOR A NEW MANAGING DIRECTOR AND A NEW CHAIRMAN FOR VANQUIS.MONEYBARN: SIGNIFICANT PROGRESS WITH FCA ON REDRESS TO BE PAID TO RESOLVE ISSUES ARISING FROM INVESTIGATION INTO AFFORDABILITY.NSF'S UNSOLICITED OFFER FOR PROVIDENT HAS SIGNIFICANT FLAWS AND WOULD HAVE LONG-LASTING DETRIMENTAL CONSEQUENCES FOR GROUP'S SHAREHOLDERS AND CUSTOMERS.GROUP'S LARGEST SINGLE BUSINESS, VANQUIS, IS A REGULATED BANK. BOARD BELIEVES THAT NSF'S MANAGEMENT HAS LIMITED BANKING AND CREDIT CARD EXPERIENCE.BOARD BELIEVES THAT SALE OF MONEYBARN IS STRATEGICALLY AND FINANCIALLY FLAWED.HAVING STABILISED GROUP DURING 2018, IN PROCESS OF DEVELOPING AND IMPLEMENTING NUMBER OF PLANNED GROWTH, EFFICIENCY INITIATIVES.NSF HAS AN ACQUISITION HISTORY OF VALUE DESTRUCTION AND ITS OFFER PRESENTS SIGNIFICANT RISK.  Full Article

Non-Standard Finance Says Woodford Investment Sold 1.5 Mln Shares
Thursday, 28 Feb 2019 

Feb 28 (Reuters) - Non-Standard Finance PLC ::UPDATE FROM WOODFORD REGARDING LETTER OF INTENT.ON 28 FEBRUARY, WOODFORD INFORMED NSF THAT IT HAD SOLD 1.5 MILLION OF CONTROLLED SHARES.NSF NOW HAS LETTER OF INTENT TO ACCEPT OFFER FROM WOODFORD IN RESPECT OF 25.2 MILLION PROVIDENT SHARES.ON 28 FEBRUARY, WOODFORD CONFIRMED THAT ITS INTENTION WITH RESPECT TO REMAINING CONTROLLED NSF SHARES REMAINED UNCHANGED.  Full Article

Schroders Posts 13.749 Pct Stake In Provident Financial Vs Earlier 12.361 Pct Stake
Thursday, 28 Feb 2019 

Feb 28 (Reuters) - Provident Financial PLC ::SCHRODERS REPORTS A STAKE OF 13.749% IN PROVIDENT FINANCIAL COMPARED TO AN EARLIER STAKE OF 12.361% - FILING.  Full Article

UK's CMA Serves Initial Enforcement Order For Non-Standard's Acquisition Of Provident Financial
Tuesday, 26 Feb 2019 

Feb 26 (Reuters) - UK's CMA::UK'S CMA - SERVED INITIAL ENFORCEMENT ORDER IN RELATION TO ACQUISITION BY NON-STANDARD FINANCE OF PROVIDENT FINANCIAL.  Full Article

Provident Financial Rejects Takeover Bid From Non-Standard Finance
Monday, 25 Feb 2019 

Feb 25 (Reuters) - Provident Financial Plc ::RESPONSE TO OFFER BY NON-STANDARD FINANCE PLC.BOARD OF PROVIDENT FINANCIAL EXPRESSES ITS DISAPPOINTMENT AT UNSOLICITED AND HIGHLY OPPORTUNISTIC APPROACH TAKEN BY NSF."CONSIDERS THAT THIS HOSTILE OFFER REPRESENTS AN IRRESPONSIBLE APPROACH IN CONTEXT OF A FINANCIALLY REGULATED BUSINESS WHICH IS RECOVERING".BOARD BELIEVES THAT NSF'S OFFER COULD HAVE A "NEGATIVE AND DESTABILISING IMPACT ON ITS STAKEHOLDERS".BOARD BELIEVES THAT TERMS OF NSF OFFER "DO NOT REFLECT UNDERLYING VALUE AND UPSIDE POTENTIAL OF COMPANY'S BUSINESSES".DOES NOT BELIEVE THAT DISPOSING OF MONEYBARN AT THIS POINT IN ECONOMIC CYCLE WOULD MAXIMISE VALUE FOR SHAREHOLDERS.SAYS NSF'S PROPOSED SALE OR CLOSURE OF SATSUMA WOULD BE "DETRIMENTAL".PROVIDENT FINANCIAL, ON NSF OFFER, SAYS BOARD HAS CONCERNS REGARDING LENGTH OF TIME THAT IT WOULD TAKE TO COMPLETE OFFER.NSF OFFER FAILS TO TAKE INTO ACCOUNT MATERIAL COST REDUCTIONS THAT PROVIDENT FINANCIAL HAS ALREADY MADE ACROSS ITS BUSINESS.INTENDS TO DO "EVERYTHING IT CAN TO MAXIMISE VALUE FOR ALL SHAREHOLDERS" OVER COMING WEEKS; TO EXPLORE ALL APPROPRIATE ALTERNATIVES.  Full Article

Non-Standard Finance Offers To Buy Provident Financial
Friday, 22 Feb 2019 

Feb 22 (Reuters) - Non-Standard Finance PLC ::FIRM OFFER BY NSF PLC FOR PROVIDENT FINANCIAL PLC.ALL-SHARE OFFER BY NSF FOR PROVIDENT.UNDER TERMS OF TRANSACTION PROVIDENT SHAREHOLDERS WILL BE ENTITLED TO RECEIVE FOR EACH PROVIDENT SHARE: 8.88 NEW NSF SHARES.VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF PROVIDENT AT APPROXIMATELY £1.3 BILLION.BOARD BELIEVES DEAL WOULD DELIVER "SIGNIFICANTLY GREATER BENEFITS" FOR BOTH PROVIDENT SHAREHOLDERS AND NSF SHAREHOLDERS.NSF INTENDS TO COMPLETE A DEMERGER OF ITS HOME CREDIT BUSINESS, LOANS AT HOME.NSF BOARD CONSIDERS TERMS OF TRANSACTION TO BE "FAIR AND REASONABLE".NSF BOARD INTENDS TO RETAIN NSF BOARD TO OVERSEE ENLARGED NSF GROUP.NSF BOARD INTENDS TO SELL MONEYBARN IN A COMPETITIVE AUCTION PROCESS, TO BE LAUNCHED FOLLOWING COMPLETION.NSF BOARD INTENDS TO SELL SATSUMA OR TO CLOSE IT, RUNNING-OFF ITS LOAN BOOK IN DUE COURSE.NSF INTENDS TO IMPLEMENT TRANSFORMATION PLAN TO REVITALISE PERFORMANCE OF PROVIDENT'S CORE BUSINESSES WITHIN ENLARGED NSF GROUP.NSF BOARD INTENDS TO REALISE OPERATIONAL COST SYNERGIES BY RATIONALISING HEAD OFFICE AND CENTRAL COSTS.TO APPLY TO TRANSFER NSF'S LISTING ON LSE FROM STANDARD LISTING TO PREMIUM LISTING AS SOON AS POSSIBLE FOLLOWING DEAL CLOSE.PLANS TO FOCUS ENLARGED NSF GROUP ON FOUR CORE DIVISIONS - CREDIT CARDS, HOME CREDIT, BRANCH-BASED LENDING, GUARANTOR LOANS.HOLDERS OF OVER 50 PERCENT OF PROVIDENT'S SHARES HAVE GIVEN THEIR SUPPORT TO PROPOSAL TODAY.  Full Article

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Provident will not sell home credit unit even as NSF closes in

Provident Financial will not sell its troubled home credit unit as the subprime lender grows its banking business and stands its ground against a hostile takeover bid by smaller rival Non-Standard Finance, its CEO said.