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PFG rejected the offer as it was less attractive financially than managing the run-off of the division itself. CCD has applied to rescind its permission to issue loans and the FCA has accepted this application, which means PPC can no longer issue loans. CCD is also continuing with its consultation process for colleagues. As CCD continues to collect out its loan book, colleagues will be leaving the division from July onwards, with the plan to close CCD by 2022.
Provident Financial PLC - Bradford-based subprime lender - On Monday announces amendments to its consumer credit division scheme of arrangement to pay compensation to customers. The scheme will now have a customer advocate. In the "highly unlikely" event that the division generates surplus cash before it is wound down, the surplus will be paid to customers.
Provident says it made the changes following the judgement against Amigo Holdings PLC's scheme of arrangement.
If there is a placing the share price will rerate within a week, just like rr., aml, countless others. Reason why - It’s dirt cheap, cash raised will be used with purpose (new lending, bond repurchase, resolve claims)
Soa update this week, boom time cometh. Trade it, flip it, make a few bucks, generate a free hold trade, add to existing lth, whatever just use the opportunity to your benefit, don’t waste it :)
Hi mark..Bybrook are spotting a good one here. They go long on the equities and use the upside in a couple of years or so to buy distressed bonds...they re in long term. Can t help thinking that 40p LTIP might take a while to get there if we het diluted by 60-70%
So effectively their Consumer/Personal credit branch is going through winding down via collection-only approach to pay creditors they do publicly announce and accept there's nothing left on equity side the same thing amgo's BoD were saying for months - one-way street, same scenario (even same people: Ham.P: ex- amgo, the one kept saying all is fine before being kicked-off)
JWD that’s the price it was executed at but it wasn’t executed at the time it was reported as it was off book. When it gets reported this site will record it as a buy or sell depending on the price at the time of reporting and not at execution. It’s unreliable in both directions often you see buys as sells and viceversa
On 15 March 2021, PFG notified the market of its intention to launch a Scheme of Arrangement in response to the rising cost of CCD customer complaints based on historic lending. Today PFG has updated the Scheme creditors, taking into account the judgement handed down in relation to the Amigo scheme. The key updates being announced to the Scheme's creditors are:
Jon Yorke has been appointed as customer advocate in respect of the Scheme. He will respond to customers' questions about the Scheme, attend the Scheme Meeting, and provide a report to the Court on his findings. The customer advocate has hired McCarthy Denning, a law firm, to provide advice through him to any customers who require it; and
The Scheme will be amended so that if CCD generates surplus cash between the Scheme becoming effective and completion of the wind-down of CCD, that surplus will also be paid to creditors with valid claims under the Scheme. However, PFG believes it is highly unlikely that there will be any surplus cash resulting from the wind-down of CCD.
In addition to these actions, PFG has appointed Ernst and Young LLP (EY) to undertake an independent valuation assessment of CCD. The assessment undertaken by EY further supports PFG's position that CCD has no value and that if the Scheme is not endorsed by the Court, it is highly likely that the CCD companies would commence insolvency proceedings and CCD would not be in a position to make any compensation payments to customers.
PFG is under no legal duty to fund the CCD companies, and has to act in the best interests of all its stakeholders. PFG believes it is right to support customers, employees and other stakeholders in CCD through the managed wind-down of the business and the Scheme, and that it should contribute £50 million to the Scheme and cover the related costs (but no more). This needs to be seen in the context of PFG having made a net contribution of approximately £450 million to CCD between 2007 and 2020 (including provision of £65 million for the Scheme) and of the ongoing losses for the division.
As a result of the additional extensive communication plans PFG has put in place to explain the Scheme to CCD customers, and the extended duration of the Scheme process, Scheme costs are expected to be approximately £20 million, £5 million higher than originally announced.
PFG will continue to communicate and encourage creditors to vote. Part of the increased administration cost of the Scheme has been to achieve a high voter turnout, which PFG feels is important for the Scheme. The increase in Scheme administration costs, as previously stated, will be met by PFG, and will not reduce the £50 million allocated for customer redress.
CCD was put into managed run-off on 10 May 2021 and is going to plan. PFG received one potential offer for CCD but this offer was only to wind up the division. PFG rejected the offer as it was less attractive financially than m