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Provident Board Strongly Advises Shareholders To Take No Action On NSF Offer

Provident Financial plc (PFG.L) announced its Board reiterated that NSF's nil-premium offer is not in the best interests of all Provident shareholders. The Provident Board said it will explore all appropriate alternatives to maximise value for shareholders. The Provident Board strongly advised the company's shareholders to take no action in relation to the NSF Offer.

Patrick Snowball, Chairman of Provident said: "The Provident Board believes that NSF's hostile offer represents an irresponsible approach in the context of a regulated business which is emerging from a period of substantial instability. As such, the offer would have a negative and destabilising impact on Provident stakeholders, including its customers, for a considerable period of time. The Provident Board believes that the offer would be value destructive and that the arguments put forward by NSF do not take into account the significant operational progress made by Provident's management team. Accordingly, the Provident Board unanimously believes the offer is not in the best interests of Provident shareholders or customers and should be firmly rejected."

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