Non-Standard Finance PLC Annual Financial Report (0959C)
10 April 2017 - 11:55PM
UK Regulatory
TIDMNSF
RNS Number : 0959C
Non-Standard Finance PLC
10 April 2017
Non-Standard Finance plc
("NSF" or the "Company")
Annual Financial Report
In advance of the Company's Annual General Meeting ("AGM") the
following documents have been posted or otherwise made available to
shareholders:
1. 2016 Annual Report
2. Notice of 2017 AGM
3. Form of Proxy for the 2017 AGM
Each of these documents has been uploaded to the National
Storage Mechanism and will be available for viewing shortly at
http://www.morningstar.co.uk/uk/NSM
Documents are also available on the Company's website at:
http://www.nonstandardfinance.com/investors and in hard copy to
shareholders upon request to the Company Secretary, Non-Standard
Finance plc, 2 St James's Street, London, SW1A 1EF.
The Company's AGM will take place at 11.00 am on Tuesday 9 May
at the offices of Bell Pottinger, 6th Floor, 330 High Holborn,
London, WC1V 7QD.
- Ends -
For more information:
Non-Standard Finance plc
Peter Reynolds, Director, IR and +44 (0) 20 3869
Communications 9026
Bell Pottinger
Dan de Belder
Aarti Iyer +44 (0) 20 3772
Molly Stewart 2500
About Non-Standard Finance
Non-Standard Finance plc was established to acquire and grow
businesses in the UK's non-standard consumer finance sector. Under
the direction of its highly experienced main board, the Company has
now established a sustainable group of businesses offering credit
to the c.12 million UK adults who are not served by mainstream
financial institutions. In addition, the businesses acquired now
have access to increased levels of funding and have benefited from
stronger management controls with more rigorous credit standards;
have refined their product pricing in a number of areas; have
introduced new compliance protocols; and are investing in new IT
infrastructure and systems. These changes have been implemented to
balance the delivery of improved customer outcomes with the
delivery of substantial returns for shareholders.
The Company announced on 7 July 2015 that it had entered into an
agreement to acquire the Home Credit Division of S&U plc
('S&U') which trades as Loans at Home, for an enterprise value
of GBP82.5m, payable in cash, subject to approval by S&U's
shareholders and customary closing conditions. The acquisition
completed on 4 August 2015 following approval by S&U's
shareholders with the final consideration equalling GBP82.4m after
an adjustment for net assets at completion.
On 4 December 2015 the Company announced that it had entered
into an agreement to acquire Everyday Loans, the branch-based
unsecured lending and guaranteed loans business of Secure Trust
Bank PLC, for an enterprise value of GBP235m. The acquisition, that
was funded through a combination of new equity and debt facilities
completed on 13 April 2016, following change of control approval
from the FCA.
In the year ended 31 December 2015, the Group's businesses
generated pro forma revenue of approximately GBP80m and pro forma
adjusted profit before tax of approximately GBP16m. As at 31
December 2015 the Group's businesses had a combined loan book of
approximately GBP143m.
Each of the Group's operating subsidiaries is regulated by the
FCA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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