Provident Financial PLC Scheme of Arrangement update (7236F)
19 Julio 2021 - 9:48AM
UK Regulatory
TIDMPFG
RNS Number : 7236F
Provident Financial PLC
19 July 2021
Provident Financial plc
Scheme of Arrangement update
Provident Financial plc ('PFG' or 'the Group'), the leading
provider of credit products to consumers who are underserved by
mainstream banks, publishes an update on the Scheme of Arrangement
('the Scheme') proposed by Provident SPV Limited ('Company'),
following the meeting of creditors affected by the Scheme ('the
Scheme Meeting').
Scheme of Arrangement update
The Scheme Meeting was held today and PFG is pleased to announce
that c.98.3% by number and c.98.1% by value of the creditors who
attended and voted at the Scheme Meeting, in person or by proxy,
voted in favour of the Scheme. In absolute terms, over 428,000 of
the approximately 4.2m creditors affected by the Scheme voted at
the Scheme Meeting. Of these, approximately 420,000 voted in favour
of the Scheme, while approximately 7,500 voted against.
The Scheme requires more than 50% of all creditors by number who
vote on the Scheme to vote in favour, and the total value of their
claims to represent at least 75% of the value of the claims of all
creditors who vote. These thresholds have been met and consequently
the Scheme has been approved by the creditors.
The Scheme will now be considered by the High Court at the
sanction hearing on 30 July 2021, where the Court will either
approve the Scheme or not. The judgment from the sanction hearing
may be handed down either on the day of the hearing or a number of
days later. The result of the sanction hearing will be announced as
soon as possible after the judgment is received.
Malcolm Le May, Chief Executive Officer, commented:
"A clear majority of those creditors who attended and voted at
the Scheme meeting approved the Scheme today. This represents a
clear endorsement of the Scheme by the affected creditors and is a
reflection of PFG's belief that the Scheme is fair and in the best
interests of CCD's customers. As we announced last week, the FCA
does not support the Scheme, and has summarised a number of
concerns it has, but it has decided not to appear in Court to
oppose the approval of the Scheme at the Court hearing on 30
July."
Enquiries:
Analysts and shareholders:
Owen Jones, Group Head of Investor
Relations 07341 007842
Owen.jones@providentfinancial.com
Media:
Richard King, Provident Financial 07919 866876
Nick Cosgrove/Simone Selzer,
Brunswick 0207 4045959
providentfinancial@brunswickgroup.com
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END
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