Morses Club PLC Notice of Annual General Meeting (4935W)
August 19 2020 - 1:00AM
UK Regulatory
TIDMMCL
RNS Number : 4935W
Morses Club PLC
19 August 2020
19 August 2020
Morses Club PLC
("Morses" or the "Company")
Notice of Annual General Meeting
Morses Club PLC ("the Company" or "the Group"), an established
provider of non-standard financial services, advises that, in
advance of the Company's Annual General Meeting ("AGM"), the Notice
of 2020 Annual General Meeting has today been posted to
shareholders.
The Company publishes its documents for shareholders on its
website, except where shareholders have specifically requested that
hard copies are posted to them. The Notice of Annual General
meeting is available online at:
https://morsesclubplc.com/investors/key-corporate-documents . S
hareholders requesting a hard copy of the document should e-mail:
investors@morsesclubplc.com .
The Company's AGM will take place at 9.30am on Tuesday 22
September 2020. As a result of the Covid-19 pandemic and the
government's guidance on social distancing, shareholders are not
permitted to attend the AGM in person this year. Shareholders can
however submit a proxy vote online at www.signalshares.com or
through CREST.
Shareholders are able to submit questions ahead of the AGM,
which the Company will endeavour to answer via e-mail or on its
website. Shareholders wishing to submit questions should e-mail:
investors@morsesclubplc.com
As previously announced, t he audit process for the Company's
FY20 results continues as the results will include the impact of
Covid-19 on the impairment of the closing loan book as at 29
February 2020. Morses Club will update the market on the
announcement date for its full year results in due course.
On the completion of the audit process and subsequent
publication of the Annual Report, the Company will hold a further
general meeting at which the audited accounts and other related
matters will be laid before shareholders. Details of this meeting
will be provided in due course.
For further information please contact:
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Andy Thomson, Interim Chief Financial
Officer
Peel Hunt (NOMAD) Tel: +44 (0) 20
Andrew Buchanan / James Britton / Rishi 7418 8900
Shah / Duncan Littlejohns (Corporate)
Jock Maxwell Macdonald (ECM)
Camarco Tel: +44 (0) 20
Jennifer Renwick / Oliver Head / Jake 3781 8332
Thomas
Notes to Editors
About Morses Club
Morses Club is an established provider of non-standard financial
services in the UK. The Group consists of Morses Club, the UK's
second largest home collected credit ("HCC") provider, and Shelby
Finance Limited, Morses Club's digital division, which operat es
under two online brands, Dot Dot Loans, an online lending provider,
and U Account, which offers online e-money current accounts. The
Group's growing digital capabilities and scalable, highly invested
IT platform has enabled Morses Club to deliver an increasingly
broad range of financial products and services to the non-standard
credit market.
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 dire ctly 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.
Morses Club's HCC division is the second largest UK Home
Collected Credit (HCC) lender with 224,000 customers throughout the
UK. The majority of the Company's customers are repeat borrowers
and the HCC division enjoys consistently high customer satisfactio
n scores of 97% (2) . In 2016, the Morses Club Card, a cashless
lending product, was introduced and in 2019 the Company introduced
an online customer portal for its HCC customers, which now has over
109,000 registered customers.
The Group's growing digital div ision, Shelby Finance, operates
under two online brands. Dot Dot Loans provides online instalment
loans of up to 48 months to 37,000 active customers. U Account is a
leading digital current account provider offering an alternative to
traditional banking by providing a fully functional agency banking
service. U Account currently has c. 18,000 customers.
Morses Club 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 markets (4) .
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)
(Review ANNEX 1 - July 2017)
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END
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