(Alliance News) - Non-Standard Finance PLC on Friday announced that Chair Charles Gregson will not stand for re-election at the company's annual general meeting.
The Wakefield, West Yorkshire-based consumer lending firm said senior independent non-executive director Niall Booker is standing for the election as chair at the AGM. The firm's last AGM was on May 26, 2022.
Meanwhile, the company said that as of December 31, its gross debt stood narrowed 23% to GBP255 million from GBP330.0 million at June 30. Non-Standard Finance said it has agreed the provisional terms of a release of debt with its secured lenders through a conversion into equity.
It explained that the lenders agreed to release GBP71 million of secured debt in exchange for new ordinary shares in the company. The scheme is subject to approval by a court.
Non-Standard Finance shares were 1.2% lower at 0.40 pence each on Friday afternoon in London.
By Tom Budszus, Alliance News reporter
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