TIDMMCL
RNS Number : 6908K
Morses Club PLC
03 September 2021
3 September 2021
Morses Club PLC
Directors/PDMRs Dealings
Morses Club PLC ("Morses Club" or "the Company"), an established
provider of non-standard financial services, announces that,
further to the awards of nil cost options over 1p ordinary shares
in the Company ("Shares") that were made on 5 May 2018 under the
Deferred Share Plan ("DSP"), which vested on 19 August 2021, the
Company has been notified that the following Directors/Persons
Discharging Managerial Responsibilities (PDMRs) of the Company
exercised their options and sold Shares (in part to satisfy their
Income Tax and National Insurance liabilities) on 2 September 2021
as follows:
PDMR Number Number Number Number Total number Net number
of Shares of Shares of Shares of additional of Shares of Shares
awarded exercised sold to Shares sold retained
under DSP satisfy sold
Income
Tax and
NICs liability
Paul Smith 246,150 246,150 118,152 0 118,152 127,998
----------- ----------- ---------------- --------------- ------------- -----------
Thomas
Andrew
Thomson 188,757 188,757 90,603 0 90,603 98,154
----------- ----------- ---------------- --------------- ------------- -----------
Tracey
Mulligan 128,507 128,507 61,683 0 61,683 66,824
----------- ----------- ---------------- --------------- ------------- -----------
Ian Cooper 149,200 149,200 71,616 77,584 149,200 0
----------- ----------- ---------------- --------------- ------------- -----------
This announcement is made in accordance with the requirements of
the UK Market Abuse Regulation. The notification of dealing forms
can be found below.
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 Paul Smith
-------------------------------------- --------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status PDMR, Chief Executive Officer
-------------------------------------- --------------------------------------
b) Initial notification /Amendment Initial Notification
-------------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Morses Club PLC
-------------------------------------- --------------------------------------
b) Legal Entity Identifier 2138009PVBE5FDT58R09
-------------------------------------- --------------------------------------
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
------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 1 pence each
instrument, type of instrument:
Identification code: GB00BZ6C4F71
-------------------------------------- --------------------------------------
b) Nature of the transaction (i) Exercise of options over
ordinary shares of 1 pence each
under the Morses Club PLC Deferred
Share Plan
(ii) Sale of ordinary shares
of 1 pence each
-------------------------------------- --------------------------------------
c) Currency GBP
-------------------------------------- --------------------------------------
d) Price(s) and volume(s) (i) Exercise of options:
-------------------------------------- --------------------------------------
nil 246,150 shares
-------------------------------------- ----------------- -------------------
(ii) Sale of shares:
--------------------------------------
73.75 pence 118,152 shares
----------------- -------------------
e) Aggregated information (i) NA
- Aggregated volume (ii) NA
- Price
-------------------------------------- --------------------------------------
f) Date of the transaction (i) 2 September 2021
(ii) 2 September 2021
-------------------------------------- --------------------------------------
g) Place of the transaction (i) Outside of a trading venue
(ii) London Stock Exchange, AIM
-------------------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Thomas Andrew Thomson
-------------------------------------- --------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status PDMR, Non-Executive Director
-------------------------------------- --------------------------------------
b) Initial notification /Amendment Initial Notification
-------------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Morses Club PLC
-------------------------------------- --------------------------------------
b) Legal Entity Identifier 2138009PVBE5FDT58R09
-------------------------------------- --------------------------------------
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
------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 1 pence each
instrument, type of instrument:
Identification code: GB00BZ6C4F71
-------------------------------------- --------------------------------------
b) Nature of the transaction (i) Exercise of options over
ordinary shares of 1 pence each
under the Morses Club PLC Deferred
Share Plan
(ii) Sale of ordinary shares
of 1 pence each
-------------------------------------- --------------------------------------
c) Currency GBP
-------------------------------------- --------------------------------------
d) Price(s) and volume(s) (i) Exercise of options:
-------------------------------------- --------------------------------------
nil 188,757 shares
-------------------------------------- ----------------- -------------------
(ii) Sale of shares:
--------------------------------------
73.75 pence 90,603 shares
----------------- -------------------
e) Aggregated information (i) NA
- Aggregated volume (ii) NA
- Price
-------------------------------------- --------------------------------------
f) Date of the transaction (i) 2 September 2021
(ii) 2 September 2021
-------------------------------------- --------------------------------------
g) Place of the transaction (i) Outside of a trading venue
(ii) London Stock Exchange, AIM
-------------------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Tracey Mulligan
-------------------------------------- ---------------------------------
2 Reason for the notification
----------------------------------------------------------------------------
a) Position/status PDMR
-------------------------------------- ---------------------------------
b) Initial notification /Amendment Initial Notification
-------------------------------------- ---------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------
a) Name Morses Club PLC
-------------------------------------- ---------------------------------
b) Legal Entity Identifier 2138009PVBE5FDT58R09
-------------------------------------- ---------------------------------
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
----------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 1 pence
instrument, type of instrument: each
Identification code:
GB00BZ6C4F71
-------------------------------------- ---------------------------------
b) Nature of the transaction (i) Exercise of options over
ordinary shares of 1 pence
each under the Morses Club
PLC Deferred Share Plan
(ii) Sale of ordinary shares
of 1 pence each
-------------------------------------- ---------------------------------
c) Currency GBP
-------------------------------------- ---------------------------------
d) Price(s) and volume(s) (i) Exercise of options:
-------------------------------------- ---------------------------------
nil 128,507 shares
-------------------------------------- --------------- ----------------
(ii) Sale of shares:
---------------------------------
73.75 pence 61,683 shares
--------------- ----------------
e) Aggregated information (i) NA
- Aggregated volume (ii) NA
- Price
-------------------------------------- ---------------------------------
f) Date of the transaction (i) 2 September 2021
(ii) 2 September 2021
-------------------------------------- ---------------------------------
g) Place of the transaction (i) Outside of a trading venue
(ii) London Stock Exchange,
AIM
-------------------------------------- ---------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Ian Cooper
-------------------------------------- --------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status PDMR
-------------------------------------- --------------------------------------
b) Initial notification /Amendment Initial Notification
-------------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Morses Club PLC
-------------------------------------- --------------------------------------
b) Legal Entity Identifier 2138009PVBE5FDT58R09
-------------------------------------- --------------------------------------
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
------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 1 pence each
instrument, type of instrument:
Identification code: GB00BZ6C4F71
-------------------------------------- --------------------------------------
b) Nature of the transaction (i) Exercise of options over
ordinary shares of 1 pence each
under the Morses Club PLC Deferred
Share Plan
(ii) Sale of ordinary shares
of 1 pence each
-------------------------------------- --------------------------------------
c) Currency GBP
-------------------------------------- --------------------------------------
d) Price(s) and volume(s) (i) Exercise of options:
-------------------------------------- --------------------------------------
nil 149,200 shares
-------------------------------------- ----------------- -------------------
(ii) Sale of shares:
--------------------------------------
73.75 pence 149,200 shares
----------------- -------------------
e) Aggregated information (i) NA
- Aggregated volume (ii) NA
- Price
-------------------------------------- --------------------------------------
f) Date of the transaction (i) 2 September 2021
(ii) 2 September 2021
-------------------------------------- --------------------------------------
g) Place of the transaction (i) Outside of a trading venue
(ii) London Stock Exchange, AIM
-------------------------------------- --------------------------------------
As at 2 September 2021, Paul Smith is the beneficial owner of
707,072 Shares and Thomas Andrew Thomson is the beneficial owner of
3,327,845 Shares.
For further information please contact:
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Graeme Campbell, Chief Financial Officer
Peel Hunt (Nominated Adviser) Tel: +44 (0) 20 7418
Andrew Buchanan 8900
Rishi Shah
Duncan Littlejohns
Jasmine Kanish
(Investment Banking Division)
Camarco Tel: +44 (0) 20 3757
Jennifer Renwick 4994
Jake Thomas
Notes to Editors
About Morses Club
Morses Club is an established provider of non-standard financial
services in the UK. The Group consists of Morses Club, the second
largest HCC provider, and Shelby Finance Limited, Morses Club's
Digital division, which operates under two online brands, Dot Dot
Loans, an online lending provider, and U Account, which offers
online e-money current accounts. The Group's growing Digital
capabilities and scalable, highly invested IT platform has enabled
Morses Club to deliver an increasingly broad range of financial
products and services to the non-standard credit market.
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.
Morses Club's HCC division is the second largest UK Home
Collected Credit (HCC) lender with 151,000 customers throughout the
UK. The majority of the Company's customers are repeat borrowers
and the HCC division enjoys consistently high customer satisfaction
scores of 98% (2) . In 2016, the Morses Club Card, a cashless
lending product, was introduced and in 2019 the Company introduced
an online customer portal for its HCC customers, which now has over
107,000 registered customers.
The Group's growing Digital division, Shelby Finance, operates
under two online brands. Dot Dot Loans provides online instalment
loans of up to 48 months to c. 23,000 active customers. U Account
is a leading digital current account provider offering an
alternative to traditional banking by providing a fully functional
agency banking service. U Account currently has c. 6,000
customers.
Morses Club 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 (3) and total loan receivables
of GBP10.7bn (4) .
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.
Approximately 2 million people move annually between standard and
non-standard markets (4) .
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP225 billion in February 2020. It has since
contracted to GBP197 billion in March 2021(5) .
(1 High Cost Credit Review ANNEX 1 - July 2017 2 Independent
Customer Satisfaction Survey conducted by Mustard 3 FCA High Cost
Credit Review Technical Annex 1: CRA data analysis of UK personal
debt - July 2017 4 Apex Insight - Non-Prime Consumer Credit: UK
Market Insight Report - September 2019 5 Table A5.2, Bank of
England Money and Credit Bank stats March 2021)
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END
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