TIDMPFG TIDMNSF
RNS Number : 4827Z
Provident Financial PLC
20 May 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION
FOR IMMEDIATE RELEASE
20 May 2019
Provident Financial plc ("Provident")
Schroders statement regarding NSF's unsolicited offer
Schroders statement on Friday 17th May regarding NSF's
unsolicited offer is published below.
The Provident Board believes that the offer is significantly
flawed and value destructive, and urges its shareholders to take no
action in relation to NSF's offer.
.......................................................................................................................................
Schroders comments on the NSF Offer for Provident Financial:
Kevin Murphy, Fund Manager, Schroders:
"We have noted the announcement from NSF that its Offer for
Provident Financial has become unconditional as to acceptances.
"We remain of the view that it is in the best interests of those
PFG shareholders who are not also shareholders in NSF to reject the
NSF Offer and continue to hold premium listed PFG stock, confident
in the protection for minority shareholders that this
provides."
.......................................................................................................................................
Enquiries
Provident Financial plc, Tel: +44 12 7435 1135
Patrick Snowball, Chairman
Malcolm Le May, Chief Executive Officer
Gary Thompson / Vicki Turner, Investor Relations, Tel: +44 12
7435 1900
Richard King, Media, Tel: +44 20 3620 3073
Barclays (Joint Lead Financial Adviser and Corporate Broker to
Provident Financial)
Richard Taylor, Tel: +44 20 7623 2323
Kunal Gandhi
Francesco Ceccato
Derek Shakespeare
J.P. Morgan Cazenove (Joint Lead Financial Adviser and Corporate
Broker to Provident Financial)
Ed Byers, Tel: +44 20 7742 4000
Jeremy Capstick
Claire Brooksby
James Robinson
Jefferies (Financial Adviser to Provident Financial)
Graham Davidson, Tel: +44 20 7029 8000
Philip Noblet
Barry O'Brien
Brunswick (PR Adviser to Provident Financial)
Nick Cosgrove, Tel: +44 20 7404 5959
Charles Pretzlik
Simone Selzer
Further Information
Barclays Bank PLC, acting through its Investment Bank
("Barclays"), which is authorised by the Prudential Regulation
Authority (the "PRA") and regulated in the United Kingdom by the
Financial Conduct Authority (the "FCA") and the PRA, is acting
exclusively as corporate broker and financial adviser for Provident
Financial and no one else and will not be responsible to anyone
other than Provident Financial for providing the protections
afforded to clients of Barclays nor for providing advice in
relation to any matter referred to in this announcement.
J.P. Morgan Securities plc, which conducts its UK investment
banking business as J.P. Morgan Cazenove, is authorised by the PRA
and regulated by the FCA and the PRA in the United Kingdom. J.P.
Morgan Cazenove is acting exclusively as corporate broker and
financial adviser to Provident Financial and no one else in
connection with the matters set out in this announcement and will
not regard any other person as its client in relation to the
matters set out in this announcement and will not be responsible to
anyone other than Provident Financial for providing the protections
afforded to clients of J.P. Morgan Cazenove or its affiliates, or
for providing advice in relation to the contents of this
announcement or any other matter referred to herein.
Jefferies International Limited ("Jefferies"), which is
authorised and regulated in the United Kingdom by the FCA, is
acting for Provident Financial and no one else in connection with
the matters set out in this announcement. In connection with such
matters, Jefferies will not regard any other person as their
client, and will not be responsible to anyone other than Provident
Financial for providing the protections afforded to clients of
Jefferies or for providing advice in relation to the contents of
this announcement or any other matter referred to herein. Neither
Jefferies nor any of its subsidiaries, affiliates or branches owes
or accepts any duty, liability or responsibility whatsoever
(whether direct, indirect, consequential, whether in contract, in
tort, under statute or otherwise) to any person who is not a client
of Jefferies in connection with this announcement, any statement
contained herein or otherwise.
Forward looking statements
This announcement may contain certain "forward looking
statements" regarding the financial position, business strategy or
plans for future operations of Provident Financial. All statements
other than statements of historical fact included in this document
may be forward looking statements. Forward looking statements also
often use words such as "believe", "expect", "estimate", "intend",
"anticipate" and words of a similar meaning. By their nature,
forward looking statements involve risk and uncertainty that could
cause actual results to differ materially from those suggested by
them. Much of the risk and uncertainty relates to factors that are
beyond Provident Financial's ability to control or estimate
precisely, such as future market conditions and the behaviours of
other market participants, and therefore undue reliance should not
be placed on such statements which speak only as at the date of
this document. Provident Financial does not assume any obligation
to, and does not intend to, revise or update these forward looking
statements, except as required pursuant to applicable law or
regulation.
Important Notices
A copy of this announcement will be made available, subject to
certain restrictions relating to persons resident in restricted
jurisdictions, on the Provident Financial website at
www.providentfinancial.com by no later than 12 noon (London time)
on the business day following this announcement. For the avoidance
of doubt, the content of this website is not incorporated by
reference into, and does not form part of, this announcement.
This communication is not intended to and does not constitute an
offer to buy or the solicitation of an offer to subscribe for or
sell or an invitation to purchase or subscribe for any securities
or the solicitation of any vote in any jurisdiction. The release,
publication or distribution of this communication in whole or in
part, directly or indirectly, in, into or from certain
jurisdictions may be restricted by law and therefore persons in
such jurisdictions should inform themselves about and observe such
restrictions.
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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