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Provident Financial Strongly Urges Shareholders To Take No Action On NSF Offer

Provident Financial plc (PFG.L) announced its Board reiterated its belief that Non-Standard Finance plc or NSF's nil-premium offer is strategically and financially flawed and presents significant risk in terms of both execution and shareholder value. The Board said it remains focused on executing its current strategy as outlined to all stakeholders and is committed to maximising value for all Provident shareholders including actively exploring all appropriate alternatives to achieve the objective.

Patrick Snowball, Chairman of Provident, said: "The information contained within NSF's offer Document does nothing to change the Board's view that the offer is not in the interests of all shareholders and lacks both commercial logic and regulatory understanding. NSF has not addressed the concerns that have been raised and they continue to make financially unsound proposals such as the sale of Moneybarn, the sale or closure of Satsuma and the demerger of NSF's Loans at Home business. This offer does not reflect that times have changed and ignores the significant progress we have made with our customers, staff and regulators over the past 12 months. The NSF Offer risks jeopardising Provident's turnaround and presents risks to shareholder value which have not been addressed."

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