Morses Club PLC Director/PDMR Shareholding (5706K)
29 August 2019 - 7:54PM
UK Regulatory
TIDMMCL
RNS Number : 5706K
Morses Club PLC
29 August 2019
29 August 2019
Morses Club PLC
Director/PDMR Shareholding
Morses Club PLC ("Morses Club" or "the Company"), the UK's
second largest home collected credit ("HCC") lender, announces that
on 29 August 2019, Peter Ward, a Non--Executive Director, sold
200,000 ordinary shares of 1 pence each in the Company at a price
of 126.875 pence per share and bought into his SIPP 200,000
ordinary shares at a price of 127.125 pence per ordinary share.
Following this transaction, Mr Ward's beneficial interest in the
Company remains unchanged at 400,000 ordinary shares, which
represents 0.3% of the Company's issued share capital.
DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Peter Ward
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2 Reason for the notification
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a) Position/status Non-Executive Director
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b) Initial notification /Amendment Initial Notification
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3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Morses Club PLC
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b) Legal Entity Identifier 2138009PVBE5FDT58R09
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4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
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a) Description of the financial Ordinary shares of 1 pence each
instrument, type of instrument: GB00BZ6C4F71
Identification code:
------------------------------------- ------------------------------------
b) Nature of the transaction Transfer to SIPP
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c) Currency GBP
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d) Price(s) and volume(s) (i) Sale:
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126.875 pence 200,000 shares
------------------------------------- ----------------- -----------------
(ii) Purchase into SIPP:
------------------------------------
127.125 pence 200,000 shares
----------------- -----------------
e) Aggregated information 200,000 ordinary shares of 1
- Aggregated volume pence (sold) at
- Price 126.875 pence per ordinary share
200,000 ordinary shares of 1
pence (bought into SIPP) at
127.125 pence per ordinary share
------------------------------------- ------------------------------------
f) Date of the transaction 29 August 2019
------------------------------------- ------------------------------------
g) Place of the transaction AIM
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For further information
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Andrew Hayward, Chief Financial Officer
Panmure Gordon (UK) Limited (Nomad and Joint Tel: +44 (0) 20
Broker) 7886 2500
Fabien Holler / Atholl Tweedie (Corporate
Finance)
Erik Anderson (Corporate Broking)
finnCap Tel: +44 (0) 20
Jonny Franklin-Adams / Anthony Adams (Corporate 7220 0500
Finance)
Tim Redfern / Richard Chambers (Corporate
Broking)
Camarco Tel: +44 (0) 20
Ed Gascoigne-Pees / Jennifer Renwick / 3757 4984
Kimberley Taylor
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC)
lender with 235,000 customers and over 1,900 agents across 95
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 97% or
above(1) .
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(2) .
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 GBP216 billion in February 2019(3) .
(1 Independent Customer Satisfaction Survey conducted by Mustard
2 FCA High Cost Credit Review Technical Annex 1: CRA data analysis
of UK personal debt - July 2017 3 Source: Table A5.2, Bank of
England Money and Credit Bank stats February 2019)
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)
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END
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