PCF Group PLC Market Update (7513S)
18 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMPCF
RNS Number : 7513S
PCF Group PLC
18 November 2021
18 November 2021
PCF Group plc
("PCF", the "Bank" or the "Group")
Market Update
Introduction
PCF is providing this update in relation to the work it has
undertaken to improve its financial reporting and control
environment and the timetable it is working to in respect of the
publication of its annual report and accounts for the financial
year ended 30 September 2020 as well as its interim results for the
period ended 31 March 2021.
The Board apologises on behalf of the Group to all stakeholders
and shareholders both for the delay in the publication of the
Group's 2020 annual report and accounts and for the continuing
suspension of trading in the Group's shares on AIM.
Update on Remediation plan
As announced on the 28 June 2021, the Board had instigated
several initiatives to analyse and then improve PCF Group's
financial reporting and control environment. Developments of note
since then are:
-- The independent review of the Group's accounting records has now been completed.
-- The assessment of the Group's financial control framework,
reporting processes, governance structures and its suitability to
be a listed company (the "Assessment") is nearing completion.
-- With expert external assistance, the Group has initiated a
programme of cultural change focussing on the identification and
management of risk, active listening and speaking up.
Trading Suspension and Annual Report and Accounts
The Group's shares remain suspended pending completion of the
Assessment as well as the publication of the Group's 2020 annual
report and accounts and its interim results to 31 March 2021. The
anticipated timetable for completion of these matters is as
follows:
-- The finalisation of the Assessment will be shortly after
publication of 2020 annual report and accounts.
-- The publication of the 2020 annual report and accounts is
expected to be late December / early January.
-- The publication of the interim results to 31 March 2021 is
expected to be as soon as possible following the filing of the 2020
annual report and accounts. A further announcement regarding these
results will be made in due course.
Trading update and outlook
Despite the extent of improvements that the Group is
implementing to its financial control framework, its core
competencies within its customer-facing business remain strong and
it continues to maintain its long-established relationships with
customers and intermediaries.
The Group continues to receive levels of inflows in respect of
its deposit taking activity in line with its business and liquidity
plan and continues to manage its loan originations at a reduced
year on year level, as well as manage its capital and liquidity
position in a conservative and prudent manner taking account of the
position of the Group and the wider macro-economic situation in the
UK.
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 Joint Tel: +44 (0) 20
Broker) 7418 8900
Andrew Buchanan / Rishi Shah /
Sam Milford / Jasmine Kanish
Shore Capital (Joint Broker) Tel: +44 (0) 20
Henry Willcocks / Guy Wiehahn 7408 4080
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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November 18, 2021 02:00 ET (07:00 GMT)
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