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Provident Financial PLC (PFG.L)

PFG.L on London Stock Exchange

616.00GBp
13 Dec 2018
Change (% chg)

-2.60 (-0.42%)
Prev Close
618.60
Open
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Volume
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804.86
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413.70

Latest Key Developments (Source: Significant Developments)

Coltrane Asset Management, L.P. Discloses 3.01 Percent Stake In Provident Financial PLC - Filing
Tuesday, 16 Oct 2018 10:53am EDT 

Oct 16 (Reuters) - Provident Financial PLC ::COLTRANE ASSET MANAGEMENT, L.P. DISCLOSES 3.01 PERCENT STAKE IN PROVIDENT FINANCIAL PLC - FILING.  Full Article

Provident Financial Records 24 Pct Drop in HY Profit
Tuesday, 31 Jul 2018 02:00am EDT 

July 31 (Reuters) - Provident Financial PLC ::CAPITAL POSITION AND LIQUIDITY ARE BOTH STRONG FOLLOWING COMPLETION OF RIGHTS ISSUE IN APRIL AND REFINANCING OF SENIOR BOND IN JUNE.ANNOUNCEMENT OF PATRICK SNOWBALL AS CHAIRMAN AND APPOINTMENT OF THREE NEW NON-EXECUTIVE DIRECTORS.RECONFIRMS ITS INTENTION TO RESTORE DIVIDENDS WITH A NOMINAL FINAL DIVIDEND FOR 2018.PATRICK SNOWBALL WILL JOIN BOARD ON 21 SEPT AS CHAIRMAN AND STUART SINCLAIR, CURRENT INTERIM CHAIRMAN, WILL RETIRE FROM BOARD.HY IFRS ADJUSTED PROFIT BEFORE TAX £74.9M VERSUS £98.6M.HAVE COMMENCED OUR ROP REFUND PROGRAMME AFTER A SUCCESSFUL PILOT.REMAIN ENGAGED IN CONSTRUCTIVE DIALOGUE WITH FCA ON THEIR INVESTIGATION AT MONEYBARN.HY IFRS STATUTORY PROFIT BEFORE TAX £34.6M VERSUS £73.3M.COLLECTIONS PERFORMANCE IN HOME CREDIT IN Q2 DID NOT SHOW IMPROVEMENT WE EXPECTED.BASED ON GOOD PROGRESS MADE IN H1 OF YEAR, BOARD RECONFIRMS ITS INTENTION TO RESTORE DIVIDENDS WITH A NOMINAL FINAL DIVIDEND FOR 2018.DELIVERY OF RECOVERY PLAN, SECURING AUTHORISATION AND RETURNING COLLECTIONS PERFORMANCE TO HISTORIC LEVELS REMAIN KEY PRIORITIES.  Full Article

Provident Financial Says Subscribers For 3.9 Mln Shares At 665 Pence/Shr
Tuesday, 10 Apr 2018 05:53am EDT 

April 10 (Reuters) - Provident Financial PLC ::CONFIRMS BARCLAYS, J.P. MORGAN SECURITIES PROCURED SUBSCRIBERS FOR 3.9 MILLION SHARES, OR 3.7 PERCENT OF NEW SHARES, AT 665 PENCEPER SHARE.  Full Article

Provident Says Got Valid Acceptances for About 96.3 Pct Of Total Shares
Tuesday, 10 Apr 2018 02:00am EDT 

April 10 (Reuters) - Provident Financial PLC ::RESULTS OF RIGHTS ISSUE.ANNOUNCE THAT 17 FOR 24 RIGHTS ISSUE OF 105 MILLION SHARES AT 20 8 /11 PENCE PER SHARE CLOSED FOR ACCEPTANCES.RECEIVED VALID ACCEPTANCES IN RESPECT OF 101 MILLION SHARES, ABOUT 96.3 PERCENT OF TOTAL NO OF SHARES TO BE ISSUED.  Full Article

‍Investor Woodford Makes Marginal Icrease To Provident Financial Stake
Wednesday, 28 Feb 2018 05:52am EST 

Feb 28 (Reuters) - REGULATORY FILING​::‍WOODFORD INVESTMENT MANAGEMENT LTD INCREASES STAKE IN PROVIDENT FINANCIAL PLC <<>> TO 24.41 PERCENT FROM 23.03 PERCENT.  Full Article

Provident Says Fully Underwritten Rights Issue To Raise About £331 Million
Tuesday, 27 Feb 2018 02:34am EST 

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.  Full Article

Provident Financial Says ‍FY Statutory Loss Before Tax Reduced By 135.8%
Tuesday, 27 Feb 2018 02:03am EST 

Feb 27 (Reuters) - Provident Financial Plc ::‍SETTLEMENT AGREED WITH FINANCIAL CONDUCT AUTHORITY (FCA) ON VANQUIS BANK'S REPAYMENT OPTION PLAN (ROP) INVESTIGATION​.‍TOTAL ESTIMATED COST OF SETTLEMENT OF £172.1M REFLECTED IN 2017 FINANCIAL STATEMENTS COMPRISING CUSTOMER RESTITUTION IN FORM OF BALANCE REDUCTIONS AND CASH SETTLEMENTS OF £127.1M, OTHER ESTIMATED COSTS AND PROVISIONS OF £43.0M AND A FINE LEVIED BY FCA OF JUST UNDER £2.0M.​.‍FULLY-UNDERWRITTEN RIGHTS ISSUE LAUNCHED TO RAISE APPROXIMATELY £300M NET PROCEEDS (GROSS PROCEEDS OF £331M LESS EXPENSES OF £31M)​.FY ‍ADJUSTED PROFIT BEFORE TAX IN 2017 REDUCED BY 67.3% TO £109.1M​.‍FY STATUTORY LOSS BEFORE TAX REDUCED BY 135.8% TO £123.0M​.‍GROUP'S COMMON EQUITY TIER (CET) 1 RATIO OF 14.5% AT 31 DECEMBER 2017 (2016: 21.9%) REFLECTS FULL PROVISION FOR ESTIMATED COSTS OF FCA INVESTIGATIONS​.‍INTERIM DIVIDEND WAS WITHDRAWN IN AUGUST 2017 (2016: 43.2P) AND NO FINAL DIVIDEND IS PROPOSED IN RESPECT OF 2017​.‍HOME CREDIT RECOVERY PLAN IS ON-TRACK AND GROUP'S REGULATORY AGENDA FOCUSED ON CUSTOMER FIRST WILL UNDERPIN DELIVERY OF SUSTAINABLE GROWTH.‍VANQUIS BANK WILL BE WORKING WITH FCA ON A PLAN TO RESUME SALES OF ROP TO NEW CUSTOMERS​.  Full Article

BRIEF-‍Stuart Sinclair appointed interim chairman of Provident Financial ​
Friday, 2 Feb 2018 09:12am EST 

Removes typo in headline, clarifies Sinclair appointed to Provident not Lloyds:LLOYDS BANKING GROUP PLC - ‍STUART SINCLAIR, AN INDEPENDENT NON-EXECUTIVE DIRECTOR OF LLOYDS, WILL BE APPOINTED INTERIM CHAIRMAN OF PROVIDENT FINANCIAL (NOT LLOYDS)​.LLOYDS BANKING GROUP PLC - ‍ SINCLAIR WILL STEP DOWN FROM HIS POSITION AS SENIOR INDEPENDENT DIRECTOR OF PROVIDENT FINANCIAL PLC WITH IMMEDIATE EFFECT​.  Full Article

Lloyds Banking Group Says ‍Stuart Sinclair Will Be Appointed Interim Chairman​
Friday, 2 Feb 2018 09:00am EST 

Feb 2 (Reuters) - Lloyds Banking Group Plc ::‍STUART SINCLAIR, AN INDEPENDENT NON-EXECUTIVE DIRECTOR OF COMPANY, WILL BE APPOINTED INTERIM CHAIRMAN​.SINCLAIR WILL STEP DOWN FROM HIS POSITION AS SENIOR INDEPENDENT DIRECTOR OF PROVIDENT FINANCIAL PLC WITH IMMEDIATE EFFECT​.  Full Article

Provident Financial Appoints Malcolm Le May As Group CEO
Friday, 2 Feb 2018 02:00am EST 

Feb 2 (Reuters) - Provident Financial Plc ::DIRECTORATE CHANGE.APPOINTS MALCOLM LE MAY AS GROUP CHIEF EXECUTIVE OFFICER.ANNOUNCES APPOINTMENT OF MALCOLM LE MAY AS GROUP CHIEF EXECUTIVE OFFICER, WITH IMMEDIATE EFFECT.THIS FOLLOWS A BOARD PROCESS LED BY STUART SINCLAIR OVER RECENT.BELIEVES THAT MALCOLM LE MAY IS AN OUTSTANDING CANDIDATE FOR ROLE, GIVEN HIS EXISTING KNOWLEDGE OF GROUP.HOME CREDIT CONTINUES TO MAKE GOOD OPERATIONAL PROGRESS.AND DISCUSSIONS CONTINUE WITH FCA IN RELATION TO VANQUIS BANK AND MONEYBARN INVESTIGATIONS.CHRIS SWEENEY, MD VANQUIS BANK, WILL CONTINUE TO FOCUS ON LEADERSHIP OF VANQUIS BANK AND SUCCESSFUL RESOLUTION OF ROP.BOARD INTENDS TO APPOINT SWEENY AS DEPUTY GROUP CHIEF EXECUTIVE OFFICER IN ADDITION TO HIS VANQUIS BANK ROLE.ANNOUNCES PERMANENT APPOINTMENT OF CHRIS GILLESPIE, MD CONSUMER CREDIT DIVISION.APPOINTMENT OF STEVE GRIGG, AS INTERIM GROUP CHIEF INFORMATION & TECHNOLOGY OFFICER, TO DEFINE GROUP'S LONG-TERM IT ARCHITECTURE.HAS INSTIGATED A PROCESS TO APPOINT A NEW EXTERNAL CHAIRMAN AS WELL AS TWO ADDITIONAL NON-EXECUTIVE DIRECTORS AS SOON AS PRACTICABLE.APPOINTMENT OF STUART SINCLAIR AS INTERIM CHAIRMAN, WITH STUART MOVING TO THIS ROLE FROM THAT OF SENIOR INDEPENDENT DIRECTOR.  Full Article

UPDATE 1-Sub-prime lender Provident's long-time CFO stepping down

Nov 6 Provident Financial Plc's long-time finance boss Andrew Fisher is stepping down, the sub-prime lender said on Tuesday, as it works to rebuild its businesses after a botched reorganisation and a series of regulatory investigations.