Frp Advisory Group Regulatory News (FRP)

17 Aug 2007 07:01

Debt Free Direct Group PLC17 August 2007 17 August 2007 DEBT FREE DIRECT GROUP PLC HANOVER SHAREHOLDING AND PROPOSED APPOINTMENT OF NON-EXECUTIVE DIRECTOR Debt Free Direct Group (DFD), the leading debt advice and solutions company, ispleased to confirm that Hanover Investors (Hanover) is now a significantshareholder with a stake of 18%. DFD is also pleased to announce the intention to appoint a non-executivedirector from Hanover, the details of which will be provided in due course.Hanover's expertise in helping companies deliver profit-enhancing strategieswill strengthen DFD's market leading position. Commenting on today's announcement, Michael Blackburn, Chairman of DFD, said: "We are delighted to have Hanover as a supportive shareholder and look forwardto the addition of their expertise to our Board. They have an excellent recordof working with public companies and helping them to implement profit-enhancingstrategies, as well as to deliver significant growth. We are excited aboutworking with Hanover to grow our position as the UK's leading debt solutionsprovider." Simon Gilbert, a Principal at Hanover, said: "This is a great opportunity for Hanover to invest in the market leader in arapidly growing sector. DFD is a sophisticated operation that is well-placed tooutperform its competitors and extend its market leadership, particularly as theindustry adapts to the more stable regulatory structure after the recentuncertainty. We have undertaken significant research into DFD, which we believeis a high quality but undervalued business, set to benefit from strongunderlying rates of growth and high levels of consumer debt. "Hanover will play an important role assisting the next stage of DFD's growth.We will help to develop the strategy and ensure the Company is well-positionedto take advantage of future strategic opportunities.. "DFD has an experienced management team and we are looking forward to workingclosely with them as the Company builds on its position as the leading debtsolutions company in the UK." Enquiries: Debt Free Direct Group plcAndrew Redmond, CEO 0845 296 0100Paul Latham, Finance Director 0845 296 0200 Numis Securities (Broker and Nominated Advisor to Debt Free Direct)Lee Aston 020 7776 1500 Financial Dynamics (Financial Public Relations advisor to Debt Free Direct) Ed Gascoigne-Pees 020 7269 7132Nick Henderson 020 7269 7114 Tulchan Communications (Financial Public Relations advisor to Hanover Investors)Peter Hewer 020 7353 4200 About Debt Free Direct Debt Free Direct helps individuals find the best solution to their debtproblems, based upon an analysis of their particular financial circumstances.Financial information on an individual is processed through a computer model(the Best Advice Model) developed by Debt Free Direct in order to recommend asolution suitable for that individual's particular financial circumstances. Thesolutions offered range from basic advice, such as simply destroying creditcards and curbing unnecessary expenditure, to the following solutions: •consolidation loan •re-mortgage •informal arrangement •individual voluntary arrangement (IVA) •bankruptcy Debt Free Direct is unique in the marketplace in that, unlike most of itscompetitors who sell specific products, Debt Free Direct looks to provide thebest advice to the consumer and recommends them the most appropriate service.Debt Free Direct is the UK's leading provider of IVAs. The recent acquisition of Clear Start, a private competitor in the IVA market,will support DFDs growth and has genuine synergies, bringing together DFDssuperior IVA operations and creditor realizations with Clear Start's low-costonline channel and strong creditor relations. Debt Free Direct is based in Chorley, Lancashire, and was admitted to AIM inDecember 2002. About Hanover Investors Hanover Investors is a London based investment firm which specialises inundervalued and operationally focused investment opportunities. It investsmainly in small and mid-cap businesses where it works closely with themanagement and can add significant value, often leading the Board throughperiods of operational change. Its approach is distinctive because its team ofprincipals has first-hand experience of general management, strategydevelopment, corporate turnarounds and deal execution. Hanover has a track record of successfully leading profit-enhancement andturnaround strategies. Its investments have included Renold PLC, Elementis PLCand 4imprint PLC, amongst numerous others. - Ends - This information is provided by RNS The company news service from the London Stock Exchange