9 May 2019 16:05
9 May 2019
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ARBUTHNOT BANKING GROUP PLC
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Annual General Meeting Statement - 2019
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The Board of Arbuthnot Banking Group PLC ("ABG" or "the Group") announces that shareholders approved all of the resolutions proposed at the Annual General Meeting held today, Thursday, 9 May 2019.
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As a result, ABG will proceed to issue the Ordinary Non-Voting Shares as announced on 1 May 2019. Admission of ABG Ordinary and Ordinary Non-Voting shares to NEX Exchange Growth Market is expected to occur on 17 May 2019.
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At the meeting the Chairman, Sir Henry Angest, made the following statement:
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"The Group has made a positive start to the year, customer loans and deposits at the end of April have increased by 13% and 18% respectively compared to the same time last year.
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The lending markets continue to be competitive, however, we remain committed to our risk and return methodology and continue not to chase loan volumes.
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Our Asset Based Lending division broke even in March, nine months ahead of its business plan.
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Also the Specialist Finance business is progressing with its soft launch and expects to be fully operational in the third quarter of the year.
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At the end of April, Arbuthnot Direct had opened 161 term savings accounts raising £9m of deposits, which is ahead of our expectations.
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The Group continues its diversification programme, and we expect this to develop further throughout the remainder of the year."
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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Enquiries:
Arbuthnot Banking Group Sir Henry Angest, Chairman and Chief Executive Andrew Salmon, Group Chief Operating Officer James Cobb, Group Finance Director | 0207 012 2400 |
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Grant Thornton (Nominated Adviser and NEX Exchange Corporate Adviser) Colin Aaronson Samantha Harrison Niall McDonald | 020 7383 5100 |
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Numis Securities Ltd (Joint Broker) Chris Wilkinson Stephen Westgate | 0207 260 1000 |
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Shore Capital (Join Broker) Hugh Morgan Daniel Bush | 020 7408 4090 |
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Maitland/AMO Neil Bennett Sam Cartwright Jais Mehaji | 020 7379 5151 |
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