Morses Club PLC Issue of Equity (6612I)
August 16 2021 - 1:00AM
UK Regulatory
TIDMMCL
RNS Number : 6612I
Morses Club PLC
16 August 2021
16 August 2021
Morses Club PLC
Issue of Equity
Morses Club PLC ("Morses Club", or the "Company"), an
established provider of non-standard financial services, announces
the issue and allotment of 1,102,251 new ordinary shares of GBP0.01
each in the Company (the "New Ordinary Shares") pursuant to the
vesting of awards under the Company's executive share scheme.
Application has been made to the London Stock Exchange for the
1,102,251 New Ordinary Shares to be admitted to trading on AIM
("Admission"). It is expected that Admission will occur at 8.00
a.m. on 19 August 2021. The New Ordinary Shares will rank pari
passu with the existing ordinary shares in the Company.
Following Admission, the Company's enlarged issued ordinary
share capital and total number of voting rights will
be 133,632,790 ordinary shares. The Company does not hold any shares in treasury.
The above figure of 133,632,790 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 Company under the FCA's Disclosure Guidance
and Transparency Rules.
Ends
For further information please contact:
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Graeme Campbell, Chief Financial Officer
Peel Hunt (Nomad) Tel: +44 (0) 20 7418
Andrew Buchanan / James Britton / Rishi 8900
Shah / Duncan Littlejohns (Investment Banking
Division)
Camarco Tel: +44 (0) 20 3757
Jennifer Renwick / Jake Thomas 4994
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 operates
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 inc reasingly
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 dir e 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 170,000 customers 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 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
124,000 registered customers.
The Group's growing Digital division, Shelby Finance, operates
under two online brands. Dot Dot Loans provides online instalment
loans of up to 48 months to c. 20,000 active customers. U Account
is a leading digital current account provider offering an altern
ative to traditional banking by providing a fully functional agency
banking service. U Account currently has c. 15,000 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 borrowin g.
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 GBP225 billion in February 2020. It has since
contracted to GBP197 billion in March 2021(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 March 2021)
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