Provident Financial slams NSF for failing to respond to its concerns
Provident Financial slammed Non-Standard Standard on Friday for failing to respond to its concerns about the smaller rival's £1.3bn bid for the doorstep lender.
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Provident said it was "gravely concerned" that it still has not received any response to the questions it raised earlier this month related to the offer, NSF's historical dividend payments and share buybacks.
"Provident shareholders deserve clarity to enable them to make an informed decision on the merits, or otherwise, of the offer," it said in a statement.
"The Provident board continues to have significant concerns about the offer, not least because NSF has repeatedly made pre-tax losses on a statutory basis, its share price is near an all-time low, and it would opportunistically benefit from the relative financial strength of Provident."
The company added that the terms of NSF's offer remain "highly unattractive" for its shareholders, valuing each share at 449p, which is a 13.9% and 12.1% discount respectively to the latest Provident share price and the price immediately prior to NSF's bid announcement.