Morses Club receives extension for facility until end of March

(Alliance News) - Morses Club PLC on Tuesday said it received an extension of its facility.

The Nottingham-based doorstep lender said its current facility of GBP25 million remains in place until March 31 and its funders have now agreed to extend the term-out clause to March 2023.

Earlier this month, Morses Club announced it wanted to leave London's AIM market. At the time it said it believes its "most likely" source of future funds will come from private capital.

However, a day later JO Hambro Capital Management sold its entire stake in the company, putting the delisting in doubt.

JO Hambro had owned 8.8 million shares and had committed to support the company's proposed delisting from AIM. This meant shareholder support for the delisting had fallen to just under 45% from 51%. It needs the support of 75% of shareholders.

Morses said a general meeting on the cancellation of its shares and re-listing as a private company will take place on February 3.

Morses shares were 18% higher at 0.70 pence each in London on Tuesday afternoon.

By Tom Budszus, Alliance News reporter

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