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NSF continues to pursue hostile takeover of Provident Financial

“We have a clear transformation plan for the enlarged group and are ready to start work on implementing it so that we can start to build a brighter future for all stakeholders," NSF said on its plans to buy Provident Financial
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NSF says it is “optimistic” about the full-year outlook

Non-Standard Finance PLC (LON:NSF) said on Tuesday it is continuing to engage with Provident Financial PLC (LON:PFG) shareholders who are yet to accept its hostile takeover bid for the rival doorstep lender.

Last week NSF, which is run by Provident’s ex-boss John Van Kuffeler, said it had secured the support of investors holding 53.53% of Provident’s stock for its £1.1bn offer.

READ: NSF expects to convince CMA to approve hostile takeover of Provident Financial

Among the Provident shareholders supporting the deal were Invesco, Woodford Investment Management and Marathon.

NSF fell short of the 90% acceptance target it had set itself but the number of shareholders supporting the deal mean it could still take control of Provident if it receives regulatory approval.

The lender declared the offer unconditional as to acceptances and left it open for investors who voted against the deal to change their minds.

In an AGM statement on Tuesday, NSF said: “We have a clear transformation plan for the enlarged group and are ready to start work on implementing it so that we can start to build a brighter future for all stakeholders. “

The group also updated the market on its recent trading, saying it remains “optimistic” about the full-year outlook after seeing a strong loan book growth and a reduction in the overall rate of impairment since the start of the year.

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