Provident Financial PLC (PFG.L)
19 Mar 2018
* WOODFORD INVESTMENT MANAGEMENT LTD INCREASES STAKE IN PROVIDENT FINANCIAL PLC TO 24.41 PERCENT FROM 23.03 PERCENT Source text for Eikon: Further company coverage:
LONDON, Feb 27 Hedge funds were caught out by a big short in Provident Financial when the British sub-prime lender revealed plans to shore up its balance sheet on Tuesday, triggering a squeeze which drove a near 90 percent spike in its share price.
Shares in troubled Provident Financial soared by more than 80 percent on Tuesday after the British sub-prime lender announced a 331 million pound ($462 mln) share sale that will increase its capital by more than a third.
* Settles Vanquis Bank probe with FCA (Adds details, CEO comments, share movement)
* ANNOUNCES A FULLY UNDERWRITTEN RIGHTS ISSUE ( "RIGHTS ISSUE") TO RAISE GROSS PROCEEDS OF APPROXIMATELY £331 MILLION
* SETTLEMENT AGREED WITH FINANCIAL CONDUCT AUTHORITY (FCA) ON VANQUIS BANK'S REPAYMENT OPTION PLAN (ROP) INVESTIGATION
Feb 27 Troubled Provident Financial said it would raise gross proceeds of about 331 million pounds via a rights issue, as it looks to meet the costs of resolving an investigation by Britain's financial watchdog and restore its capital position.
* LLOYDS BANKING GROUP PLC - STUART SINCLAIR, AN INDEPENDENT NON-EXECUTIVE DIRECTOR OF LLOYDS, WILL BE APPOINTED INTERIM CHAIRMAN OF PROVIDENT FINANCIAL (NOT LLOYDS)
Troubled Provident Financial has appointed acting chairman Malcolm Le May as its CEO with immediate effect, it said on Friday, giving him the challenge of reviving its door-to-door lending operations.
* Shares jump 4.5 pct (Adds details, analyst comments, share movement)
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