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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Non-Standard Finance PLC    NSF   GB00BRJ6JV17

NON-STANDARD FINANCE PLC

(NSF)
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Britain's NSF presses on with $1.7 billion Provident hostile bid

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05/15/2019 | 05:49pm EDT

(Reuters) - Britain's Non-Standard Finance dropped the level of acceptances needed to press ahead with a 1.3 billion pound ($1.7 billion) hostile bid for Provident Financial on Wednesday after winning over investors with 53.53% of its shares.

Led by NSF's chief executive John van Kuffeler, who is a former boss of fellow subprime lender Provident, the takeover attempt has become increasingly bitter, with NSF saying Provident has been mismanaged.

In its defence, Provident has raised concerns about the strategic, operational and financial logic of NSF's offer and its historical dividend payments and share buybacks.

NSF, which first made a move in February, said in a statement that its offer was now unconditional in terms of acceptances by investors, with June 5 the last date on which the takeover may be declared "wholly unconditional".

The 511 pence per share bid has had the backing of fund investors Neil Woodford, Invesco and Marathon, who together hold more than 50% of both NSF and Provident, from the outset.

Provident, established in 1880 and based in the northern English city of Bradford, stood its ground on Wednesday, which was the closing date for shareholders to accept NSF's offer.

"This deal is not done. In three months, NSF has added just 3.5% of support, which speaks volumes. Three regulators still need to bless this and shareholders should continue to reject this woeful offer," a spokeswoman for Provident said.

NSF said investors holding 53.53% of Provident's issued share capital had accepted its offer, well short of NSF's original 90% target. NSF said it had now lowered the required acceptance level to 50% plus one Provident share.

However, Provident said that the offer remains conditional on the satisfaction or waiver of "important conditions", including approvals from regulators.

Shares in Provident closed 6.5% lower at 450 pence, while NSF closed 1.5% lower at 48 pence on Wednesday.

NSF made its offer after a 75 percent fall in Provident's share price in the last two years following a botched reorganisation of its home credit business that led to profit warnings, its chief executive's exit and a dividend suspension.

>(Graphic: NSF powers ahead with hostile bid for bigger, struggling rival,

"(The) NSF Board is now approaching the Provident Board again to establish a pragmatic and constructive dialogue, so that, as and when the remaining conditions are satisfied, the interests of all stakeholders will be safeguarded," NSF said.

British asset manager Schroders, Provident's third-biggest shareholder with a 14.6 percent stake, has said it would not accept the NSF offer.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Toby Chopra and Susan Fenton)

By Noor Zainab Hussain

Stocks mentioned in the article
ChangeLast1st jan.
NON-STANDARD FINANCE PLC -0.41% 36.2 Delayed Quote.-45.15%
PROVIDENT FINANCIAL PLC 0.87% 381.2 Delayed Quote.-33.70%
SCHRODERS PLC -1.64% 2635 Delayed Quote.7.98%
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Financials (GBP)
Sales 2019 192 M
EBIT 2019 46,2 M
Net income 2019 -0,70 M
Debt 2019 291 M
Yield 2019 8,63%
P/E ratio 2019 -
P/E ratio 2020 -
EV / Sales2019 2,10x
EV / Sales2020 2,19x
Capitalization 113 M
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Mean consensus HOLD
Number of Analysts 4
Average target price 61,75  GBp
Last Close Price 36,20  GBp
Spread / Highest target 107%
Spread / Average Target 70,6%
Spread / Lowest Target 10,5%
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Managers
NameTitle
John Philip de Blocq van Kuffeler Group Chief Executive Officer & Director
Charles Henry Gregson Non-Executive Chairman
Nicholas John Teunon Chief Financial Officer & Executive Director
Miles Marius Cresswell-Turner Non-Executive Director & CEO-Everyday Loans
Heather Jane McGregor Independent Non-Executive Director
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