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War of words over Non-Standard Finance bid for Provident continues

Friday, 10th May 2019
The board of Non-Standard Finance has rejected a series of claims made by bid target Provident Financial and urged shareholders to accept its offer without delay and, in any event, by 1pm on 15 May 2019, being the last date on which the offer can be declared unconditional as to acceptances.

Commenting on today's announcement, John van Kuffeler, NSF's group chief executive said: 'Provident's recent announcements simply reinforce what we have been saying for some time: Provident is either unwilling or unable to address its own failings and will go to extreme lengths to deflect from its own shortcomings.

'Instead of focusing on its customers, employees and shareholders, Provident has dedicated itself to performing financial analysis which is complete nonsense and which seems designed to spread unfounded fears. Our plan is clear and robust and we look forward to delivering it for the benefit of all of Provident's customers, employees and shareholders.'

For its part Provident's board continues to 'urge all shareholders to take no action and not accept this opportunistic and value destructive offer'.

Provident says it has met and engaged with shareholders representing 35% of its shares and says 96% of independent shareholders have not taken up the Non-Standard Finance offer.

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Related Shares: Non-standard, Provident Fin.

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