PCF Group PLC Board Changes and Change of Auditor (6661W)
23 Diciembre 2021 - 7:09AM
UK Regulatory
TIDMPCF
RNS Number : 6661W
PCF Group PLC
23 December 2021
23rd December 2021
PCF Group plc
("PCF", the "Bank" or the "Group")
Board Changes and Change of Auditor
Board Changes
The Group announces the following forthcoming changes to the
Board of Directors of the Group (the "Board"):
-- Tim Franklin has notified the Board that he will retire as
director and Chairperson of PCF Group plc and PCF Bank Limited upon
the appointment of a successor Chairperson and, in any event by no
later than 31 January 2022.
-- Marian Martin has also tendered her resignation as a director
of PCF Group plc and PCF Bank Limited with effect from 23 December
2021 but will continue to work with the Board and the Group under
her services agreement for the remainder of its term in order to
faciltate an effective transition and handover.
-- Having completed a search process, but subject to completion
of certain regulatory approvals, the Board will be appointing two
new directors, one as a Senior Independent Director and the other
as the successor Chairperson.
Further detail on these Board changes will be announced
seperately in due course.
Garry Stran, Interim Chief Executive Officer, commenting on the
changes said "Tim and Marian have been valued members of the Board.
Tim, as Chair, has overseen considerable change in the business
since his appointment. During the difficult times of the last few
months, he has provided calm and considered leadership against a
backdrop of a global pandemic and the discovery of a number of
internal governance issues. His contribution to the success of the
Bank during his tenure has been significant and the Board thank him
for this contribution and wish him well for the future.
Likewise Marian has made a significant contribution to the Board
particularly given her deep expertise in risk related matters which
has been invaluable over the last few months."
Change of Auditor
Following the completion of the Annual Report & Financial
Statements 2020 process and, as set out in the earlier announcement
today, Ernst & Young LLP (EY) have now resigned as auditors
and, having undertaken a prior tender exercise in anticipation of
that resignation, the Board have now appointed MacIntyre Hudson LLP
to be the Group's new auditor.
Approval of the appointment will be sought at the General
Meeting at which the Annual Report & Financial Statements 2020
will be presented, which is proposed to be convened on Friday, 4
February 2022 and which will be formally notified to shareholders
in early January 2022.
As part of the auditor resignation process EY has notified the
Group of certain matters that it considers need to be brought to
the attention of its members and such creditors as it is required
to under the Companies Act 2006. The Group will be sending out a
separate notification detailing those to shareholders in early
January as it is required to. These relate to matters previously
announced either in earlier announcements by the Group or as set
out in the Independent Auditor's Report - Basis for Disclaimer
section of the Annual Report and Financial Statements 2020
published earlier today.
PCF's shares remain suspended from trading and it will provide a
further update in due course on this and the publication of the
half-year results for the six months ending 31 March 2021.
end
For further information, please visit https://pcf.bank/ or
contact:
PCF Group (via Tavistock Communications) Tel: +44 (0) 20
Garry Stran, Interim Chief Executive 7920 3150
Officer
Caroline Richardson, Chief Financial
Officer
Tavistock Communications Tel: +44 (0) 20
Simon Hudson / Tim Pearson 7920 3150
Peel Hunt (Nominated Advisor and Broker) Tel: +44 (0) 20
Andrew Buchanan / Rishi Shah 7418 8900
Shore Capital (Joint Broker) Tel: +44 (0)20 7601
Henry Willcocks / Guy Wiehahn 6100
About PCF Group plc ( www.pcf.bank )
Established in 1994, PCF Group plc is the AIM-quoted parent of
the specialist bank, PCF Bank Limited. Since commencing operations
as a bank in 2017. The Group continues to focus on portfolio
quality and lending to the prime segments of its existing markets.
The Group will continue to identify opportunities to diversify its
lending products and asset classes by setting up new organic
operations or through acquisition.
PCF Bank currently offers retail savings products for
individuals and then deploys those funds through its four lending
divisions:
-- Business asset finance which provides finance for vehicles, plant and equipment to SMEs;
-- Consumer motor finance which provides finance for motor vehicles to consumers;
-- Azule which provides finance to the broadcast and media industry; and
Property bridging finance which provides loans to companies and
sole traders investing in residential and commercial property.
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END
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