Morses Club PLC Annual Report and Accounts and Notice of AGM (0662P)
24 May 2018 - 4:02PM
UK Regulatory
TIDMMCL
RNS Number : 0662P
Morses Club PLC
24 May 2018
24 May 2018
Morses Club PLC
("Morses" or the "Company")
Annual Report and Accounts and Notice of Annual General
Meeting
In advance of the Company's Annual General Meeting ("AGM") the
following documents have today been posted or otherwise made
available to shareholders:
1. 2018 Annual Report
2. Notice of 2018 AGM
3. Form of Proxy for the 2018 AGM
Documents are available on the Company's website at:
http://www.morsesclubplc.com/investors and in hard copy to
shareholders upon request to the Company Secretary, Morses Club
PLC, Kingston House, Centre 27 Business Park, Woodhead Road,
Birstall, WF17 9TD, or by email to:
investors@morsesclubplc.com.
Following the Company's AGM in June 2017, all shareholders were
sent a letter dated 4 December 2017 in relation to electronic
communication, following which the Company publishes Annual Reports
and Accounts, Notices of Annual General Meeting and ancillary
documents on its website, except where shareholders have
specifically requested hard copies to be posted to them.
The Company's AGM will take place at 10.30 am on Tuesday 26 June
2018 at the offices of Eversheds Sutherland (International) LLP, at
Bridgewater Place, Water Lane, Leeds, LS11 5DR.
- Ends -
For further information, please contact:
Morses Club PLC Tel: +44 (0)
Paul Smith, Chief Executive Officer 330 045 0719
Andy Thomson, Chief Financial
Officer
Panmure Gordon (UK) Limited (Nomad Tel: +44 (0)
and Joint Broker) 20 7886 2500
Richard Gray / Fabien Holler /
Atholl Tweedie (Corporate Finance)
Charles Leigh-Pemberton (Corporate
Broking)
finnCap Tel: +44 (0)
Jonny Franklin-Adams / Emily Watts 20 7220 0500
/ Anthony Adams (Corporate Finance)
Tim Redfern / Richard Chambers
(Corporate Broking)
Camarco Tel: +44 (0)
Ed Gascoigne-Pees / Jennifer Renwick 20 3757 4984
/ Kimberley Taylor
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC)
lender with 229,000 customers and 2,030 agents across 98 locations
throughout the UK.
The Company offers a range of loan products to its customers
through its extensive self-employed agent network. The majority of
the Company's borrowers are repeat customers and the Company enjoys
consistently high customer satisfaction with scores of 95% or
above.
The Company is using technology to broaden its offering and
provide new products to ensure customers can access credit with the
flexibility they require. In April 2016, its cashless lending
product, the Morses Club Card, was introduced, enabling its
customers to buy online as well as on the high street. Dot Dot
Loans, the Company's first online instalment product, was launched
in March 2017.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset,
consists of both secured and unsecured lending and is estimated to
comprise around 10 million consumers.
Non-standard credit is the provision of secured and unsecured
credit to consumers other than through mainstream lenders. Lenders
providing non-standard credit principally lend on an unsecured
basis and the market is characterised by high frequency
borrowing.
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP209 billion in February 2018(1) .
(1) Source: Table J Bank of England Money & Credit Report
February 2018
About UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader
UK non-standard credit market. UK HCC loans are typically small,
unsecured cash loans delivered directly to customers' homes.
Repayments are collected in person during weekly follow-up visits
to customers' homes.
UK HCC is considered to be stable and well-established, with
approximately 1.6 million(2) people using the services of UK HCC
lenders.
(2) High Cost Credit Review ANNEX 1 - July 2017
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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