Morses Club PLC Holding(s) in Company (6040M)
13 January 2023 - 6:00PM
UK Regulatory
TIDMMCL
RNS Number : 6040M
Morses Club PLC
13 January 2023
13 January 2023
Morses Club PLC
Holdings in Company
Morses Club PLC ("Morses Club", the "Group", or the "Company"),
the established provider of non-standard credit services, was
informed on 12 January 2023 that, on the same date, J O Hambro
Capital Management Limited ("JO Hambro") sold its entire holding of
ordinary shares in the Company, and as a result no longer holds
shares in the Company. On 11 January 2023 JO Hambro signed a letter
of intention to vote in favour of the Company's proposed
Cancellation in respect of 8,810,291 ordinary shares. Accordingly,
the Company now has irrevocable undertakings or letters of intent
to vote, or procure that any other person votes, in favour of the
Resolutions in respect of a total of 59,873,988 Ordinary Shares,
representing approximately 44.54 per cent. of the issued share
capital of the Company.
Capitalised terms in this announcement, unless otherwise
defined, have the same meaning as set out in the Circular to
shareholders dated 12 January 2023.
Ends
For further information please contact:
Morses Club PLC Tel: +44 (0) 330
Gary Marshall, Chief Executive Officer 045 0719
Graeme Campbell, Chief Financial Officer
Peel Hunt (Nomad) Tel: +44 (0) 20
Paul Shackleton / Andrew Buchanan / Sam 7418 8900
Milford (Investment Banking Division)
Blackdown Partners Limited (Financial Adviser) Tel: +44 (0) 20
Tom Fyson 3807 8484
Julian Collett
Camarco Tel: +44 (0) 20
Jennifer Renwick 3757 4994
Charlotte Hollinshead
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 UK's
largest home collected credit ("HCC") provider(1) , and Shelby
Finance Limited, Morses Club's Digital division, which operates
under the online brand Dot Dot Loans, an online lending provider.
The Group's growing Digital capabilities and scalable, highly
invested IT platform has enabled Morses Club to deliver a broad
range of lending 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.
Morses Club's HCC division is the largest UK Home Collected
Credit (HCC) lender(1) with 116,000 customers throughout the UK.
The HCC division enjoys consistently high customer satisfaction
scores of 95%(2) . In 2019 the Company introduced an online
customer portal for its HCC customers, which now has over 95,000
registered customers which is 82% of HCC customers.
The Group's Digital division, Shelby Finance, operates under the
online brand Dot Dot Loans providing online instalment loans of up
to 48 months to c. 25,000 active 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 12 million consumers(3) and total loan receivables
of GBP9.6bn(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
GBP162 billion to GBP225 billion in February 2020. It has since
contracted to GBP197 billion in August 2021(5) .
1 Based on Net Loan Book of GBP30.2m as at 27 August 2022
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 - December 2020
5 Table A5.2, Bank of England Money and Credit Bank stats August
2021
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END
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