TIDMPFG TIDMNSF
RNS Number : 1337B
Provident Financial PLC
04 June 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
4 June 2019
Provident Financial plc ("Provident")
Janus Henderson Investors statement regarding NSF's unsolicited
offer
Janus Henderson Investors statement on Tuesday 4(th) June
regarding NSF's unsolicited offer is published below. Provident has
already received and seen statements of intent from Schroders,
Coltrane and M&G respectively. In total, holders of
approximately 21.6 per cent. of Provident shares have publicly
stated they do not intend to accept the NSF offer.
The Provident Board believes that the offer is significantly
flawed and value destructive, and urges its shareholders to take no
action in relation to the NSF offer.
.......................................................................................................................................
Dear Chairman,
I am writing on behalf of Janus Henderson Investors to inform
you that our current intention is to not accept the offer made by
Non-Standard Finance plc (NSF) for Provident Financial Group plc
(PFG). Our intention applies to the entire shareholding in PFG held
on behalf of our clients, which as at the time of writing is 3.4m
shares. We do not hold any interests in shares of NSF.
We are supportive of PFG's existing strategy and recent results
suggest they are making good progress towards recovery of the home
credit business. We have not been convinced of a compelling logic
for the combination of NSF with PFG. Therefore we do not think it
is in the best interests of our clients for us to accept the
offer.
I confirm that we consent to this confirmation being referenced
publicly.
Yours sincerely,
Antony Marsden
Head of Governance and Responsible Investment, Janus Henderson
Investors
For and on behalf of Henderson Global Investors Limited in its
capacity as discretionary investment manager for The Janus
Henderson Cautious Managed Fund, the Law Debenture Corp, The
Lowland Investment Company plc, The Henderson Opportunities Trust
plc, The Janus Henderson UK Equity Income & Growth Fund
.......................................................................................................................................
Sources and bases
The assertion that holders of approximately 21.6 per cent. of
Provident shares have publicly stated that they do not intend to
accept the NSF offer is by reference to a) the total issued share
capital of Provident of 253,378,601 shares; and b) the total
shareholdings in Provident of Schroders, Coltrane, M&G, and
Janus Henderson Investors who hold 37,066,152 Provident shares,
9,879,504 Provident shares, 4,233,066 Provident shares, and
3,429,954 Provident shares respectively.
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)
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)
Ed Byers, Tel: +44 20 7742 4000
Jeremy Capstick
Claire Brooksby
James Robinson
Jefferies (Financial Adviser to Provident)
Graham Davidson, Tel: +44 20 7029 8000
Philip Noblet
Barry O'Brien
Brunswick (PR Adviser to Provident)
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
and no one else and will not be responsible to anyone other than
Provident 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 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 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 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 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. 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'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 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 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
OFBUGUPCQUPBGAC
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