Morses Club PLC Issue of Equity (9191U)
November 28 2019 - 1:01AM
UK Regulatory
TIDMMCL
RNS Number : 9191U
Morses Club PLC
28 November 2019
28 November 2019
Morses Club PLC
Issue of Equity under the Company's Share Incentive Plan
Morses Club PLC (the "Company"), an established provider of
non-standard financial services, announces that under its Share
Incentive Plan (the "SIP") the Company has issued 294,353 new
Ordinary Shares, such shares representing 0.225% of the current
issued ordinary share capital of the Company. Application has been
made to the London Stock Exchange for the 294,353 new Ordinary
Shares to be admitted to trading on AIM ("Admission") and it is
expected that Admission will become effective and trading will
commence at 8.00 a.m. on 4 December 2019.
After Admission, the total number of Ordinary Shares in issue
will be 131,244,444 and the total number of voting rights will
therefore be 131,244,444. The Company does not hold any Ordinary
Shares in treasury. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
For further information please contact:
Morses Club PLC Tel: +44 (0) 330 045 0719
Paul Smith, Chief Executive Officer
Andrew Hayward, Chief Financial Officer
finnCap Ltd (Nomad and Joint Broker) Tel: +44 (0) 20 7220 0500
Jonny Franklin-Adams / Anthony Adams (Corporate Finance)
Tim Redfern / Richard Chambers (ECM)
Peel Hunt (Joint Broker) Tel: +44 (0) 20 7418 8900
Andrew Buchanan / Rishi Shah / Duncan Littlejohns (Corporate)
Jock Maxwell Macdonald (ECM)
Camarco Tel: +44 (0) 20 3757 4994
Jennifer Renwick / Kimberley Taylor
Notes to Editors
About Morses Club
Morses Club is an established non-standard financial services
provider, consisting of Morses Club, the UK's second largest home
collected credit ("HCC") provider, and Shelby Finance, which
operates online lending through its Dot Dot brand and U Holdings
Limited, which provides online current accounts.
UK HCC is considered to be a specialised segment of the broader
UK non-standard credit market. UK HCC loans are typically small,
unsecured cash loans delivered directly to customers' homes.
Repayments are collected in person during weekly follow-up visits
to customers' homes. UK HCC is considered to be stable and
well-established, with approximately 1.6 million(1) people using
the services of UK HCC lenders.
The HCC division is the second largest UK Home Collected Credit
(HCC) lender with 224,000 customers and 1,817 agents across 92
locations throughout the UK. The majority of the Company's
customers are repeat borrowers and the HCC division enjoys
consistently high customer satisfaction scores of 97%(2) . In April
2016 its cashless lending product Morses Club Card was introduced,
enabling its customers to buy online as well as on the high street.
In February 2019, the Company introduced an online customer portal
for its HCC customers, which now has over 30,000 registered
customers.
Shelby Finance, via the Dot Dot brand has 36,000 active
customers and U Holdings, through the U Account online current
account brand has 16,000 customers. Dot Dot is a provider of 3 - 12
month online loans in the non-standard credit market.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset,
consists of both secured and unsecured lending and is estimated to
comprise around 10 million consumers(3) and total loan receivables
of GBP10.7bn(4) .
Non-standard credit is the provision of secured and unsecured
credit to consumers other than through mainstream lenders. Lenders
providing non-standard credit principally lend on an unsecured
basis and the market is characterised by high frequency borrowing.
Approximately 2 million people move annually between standard and
non-standard markets4.
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP216 billion in February 2019(5) .
(1) High Cost Credit Review ANNEX 1 - July 2017
(2) Independent Customer Satisfaction Survey conducted by
Mustard
(3) FCA High Cost Credit Review Technical Annex 1: CRA data
analysis of UK personal debt - July 2017
(4) Apex Insight - Non-Prime Consumer Credit: UK Market Insight
Report - September 2019
(5) Table A5.2, Bank of England Money and Credit Bank stats
February 2019
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END
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