|Bid||0.00 x 25900|
|Ask||0.00 x 44600|
|Day's Range||500.60 - 514.40|
|52 Week Range||482.10 - 716.00|
|Beta (3Y Monthly)||-0.24|
|PE Ratio (TTM)||20.29|
|Forward Dividend & Yield||0.10 (1.95%)|
|1y Target Est||730.20|
NSF's statement came after Provident repeatedly raised concerns about the historical dividend payments and share buybacks made by NSF. The two lenders have been locked in a takeover tussle since NSF made a 1.3 billion pound hostile bid. NSF said all the infringements identified could be rectified and would have no bearing on its strategy and financial or operational performance.
Non-Standard Finance has acknowledged that several of its dividend payments since 2016 broke companies law, putting further pressure on its hostile takeover bid for rival subprime lender Provident Financial. In an announcement after markets closed on Friday, NSF said an internal review had found a series of “technical infringements” of the Companies Act including one that meant the group’s distributable reserves — the profits legally available for paying out to shareholders — had been lower than previously thought for the last three years. NSF has been engaged in an increasingly bitter battle for control of its larger rival Provident since February.
Just look at the 1.2 billion-pound ($1.6 billion) battle for Provident Financial Plc. The British subprime lender is trying to fend off an unwanted bid from John Philip De Blocq Van Kuffeler, its former chief executive officer. On Tuesday, Van Kuffeler’s vehicle, Non-Standard Finance Plc, said it had surpassed the magic 50 percent level of acceptances. A handful of Provident’s key shareholders, among them Neil Woodford, turned their existing non-binding commitments of support into irrevocable undertakings.
Non-Standard Finance (NSF) has been trying to buy its larger rival with a 1.3 billion pound (£1.3 billion) bid as Provident battles to recover from a string of setbacks, including a botched restructuring of its home credit business, profit warnings and a dividend suspension. NSF, whose bid is led by Chief Executive John van Kuffeler, a former CEO of Provident, said on Tuesday it had the backing of the holders of just over 50 percent of Provident's shares. The bid has the backing of fund investors Neil Woodford, Invesco and Marathon, who together hold over 50 percent of both NSF and Provident, but has repeatedly been opposed by Provident as not in the interest of remaining shareholders.
(Reuters) - British lender Provident Financial Plc on Monday named a new managing director and chairman for its banking unit, which is at the heart of its defence against a 1.3 billion pound hostile takeover ...
Provident Bancorp Inc (NASDAQ:PVBC) files its latest 10-K with SEC for the fiscal year ended on December 31, 2018.
Provident reiterated that the offer made by NSF, which has the backing of investors Neil Woodford, Invesco and Marathon that together hold over 50 percent of both NSF and Provident, is not in the interest of its shareholders. Provident has been trying to boost its flagging share price after being hit by a string of bad news, including a botched restructuring of its home credit business, profit warnings and a dividend suspension.
Provident last month rejected the bid launched by NSF, whose Chief Executive John van Kuffeler is a former CEO of Provident, saying it was looking for a better solution to turn around its business. Van Kuffeler said on Friday that the deal made commercial sense. Van Kuffeler was speaking after NSF reported a pre-tax loss of 1.6 million pounds ($2.09 million) for 2018, down from a pre-tax loss of 13 million pounds in 2017 and helped by a bigger loan book.
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines UK aims to draw third of electricity supplies from offshore ...
Vanquis Bank, headquartered in the heart of London's historic financial district, has 1.8 million customers and accounts for more than half of Provident's revenue. The British subprime lender repeated a call to investors to reject a nil premium takeover bid launched by Provident's former CEO and said it had a clear plan to map out growth and enhance performance across its divisions. NSF said Provident's statement "simply tells long-suffering Provident shareholders that they will get more of the same from an inexperienced team", adding it had board members who were experienced in running a bank.
The Competition and Markets Authority (CMA) said on Tuesday it had served the companies with an initial enforcement order, put in place to prevent the businesses from integrating after a possible merger while the watchdog decides if it needs to launch an investigation. Smaller rival Non-Standard Finance (NSF), led by ex-Provident boss John van Kuffeler, announced on Friday that it had offered to buy Provident, which has run into trouble with regulators worried about the rates it charges on loans. While an initial enforcement order does not stop Provident and NSF from signing a deal, it prevents the firms from integrating, exchanging money or moving assets.
The FTSE 100 closed 0.1 percent higher, lagging other major European bourses where investors took comfort from U.S. President Donald Trump's decision to delay raising tariffs on Chinese imports. Lloyd's of London insurer Hiscox, which recently joined the FTSE 100, added 3 percent after reporting a profit for the year that beat market expectations. The pound gained after European Council President Donald Tusk said delaying Brexit beyond the planned March 29 exit date would be a "rational solution" as there was no majority in the British parliament to approve a divorce deal.
In response, NSF said Provident lacked clarity on what steps it would take to address the "significant financial, operational and cultural challenges" it faces. Its offer "would deliver significantly greater benefits for both Provident shareholders and NSF shareholders than either Provident or NSF would otherwise be able to deliver on their own," NSF said in a statement. Provident and NSF provide short-term loans to consumers who might otherwise struggle to borrow from more mainstream banks.
Non-Standard Finance Plc’s attempted takeover of Provident Financial Plc exploits a gaping hole in the credibility of the target’s management. NSF is led by former Provident CEO John van Kuffeler. This time, Van Kuffeler is aggressively making a formal offer with the support of big shareholders who own chunks of both companies – including half the Provident register.