February 27, 2018 / 7:35 AM / 3 months ago

BRIEF-Provident Says Fully Underwritten Rights Issue To Raise About £331 Million

Feb 27 (Reuters) - Provident Financial Plc:

* RIGHTS ISSUE

* ANNOUNCES A FULLY UNDERWRITTEN RIGHTS ISSUE ( “RIGHTS ISSUE”) TO RAISE GROSS PROCEEDS OF APPROXIMATELY £331 MILLION

* HAS TODAY REACHED A SETTLEMENT WITH FCA IN RELATION TO ITS INVESTIGATION INTO SALE OF VANQUIS BANK’S REPAYMENT OPTION PLAN

* PROVIDENT FINANCIAL GROUP HAS TAKEN A PROVISION OF £172.1 MILLION IN ITS AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR 2017

* MONEYBARN IS CONTINUING TO COOPERATE WITH FCA WITH ITS ONGOING INVESTIGATION INTO AFFORDABILITY, FORBEARANCE AND TERMINATION OPTIONS

* IS TAKING NECESSARY ACTION TO RAISE ADDITIONAL CAPITAL TO MEET COSTS OF RESOLVING INVESTIGATION BY FCA INTO VANQUIS BANK’S ROP Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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