29 Aug 2019 10:54
29 August 2019
Morses Club PLC
Director/PDMR Shareholding
Morses Club PLC ("Morses Club" or "the Company"), the UK's second largest home collected credit ("HCC") lender, announces that on 29 August 2019, Peter Ward, a Non‐Executive Director, sold 200,000 ordinary shares of 1 pence each in the Company at a price of 126.875 pence per share and bought into his SIPP 200,000 ordinary shares at a price of 127.125 pence per ordinary share.
Following this transaction, Mr Ward's beneficial interest in the Company remains unchanged at 400,000 ordinary shares, which represents 0.3% of the Company's issued share capital.
DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Peter Ward | |
2 | Reason for the notification | ||
a) | Position/status | Non-Executive Director | |
b) | Initial notification /Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Morses Club PLC | |
b) | Legal Entity Identifier | 2138009PVBE5FDT58R09 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of 1 pence each GB00BZ6C4F71 | |
b) | Nature of the transaction | Transfer to SIPP | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | (i) Sale: | |
126.875 pence | 200,000 shares | ||
(ii) Purchase into SIPP: | |||
127.125 pence | 200,000 shares | ||
| |||
e) | Aggregated information - Aggregated volume - Price | 200,000 ordinary shares of 1 pence (sold) at 126.875 pence per ordinary share
200,000 ordinary shares of 1 pence (bought into SIPP) at 127.125 pence per ordinary share | |
f) | Date of the transaction | 29 August 2019 | |
g) | Place of the transaction | AIM | |
For further information
Morses Club PLC Paul Smith, Chief Executive OfficerAndrew Hayward, Chief Financial Officer | Tel: +44 (0) 330 045 0719 |
Panmure Gordon (UK) Limited (Nomad and Joint Broker)Fabien Holler / Atholl Tweedie (Corporate Finance) Erik Anderson (Corporate Broking) | Tel: +44 (0) 20 7886 2500 |
finnCapJonny Franklin-Adams / Anthony Adams (Corporate Finance)Tim Redfern / Richard Chambers (Corporate Broking) | Tel: +44 (0) 20 7220 0500 |
CamarcoEd Gascoigne-Pees / Jennifer Renwick / Kimberley Taylor | Tel: +44 (0) 20 3757 4984 |
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC) lender with 235,000 customers and over 1,900 agents across 95 locations throughout the UK.
The Company offers a range of loan products to its customers through its extensive self-employed agent network. The majority of the Company's borrowers are repeat customers and the Company enjoys consistently high customer satisfaction with scores of 97% or above1.
The Company is using technology to broaden its offering and provide new products to ensure customers can access credit with the flexibility they require. In April 2016, its cashless lending product, the Morses Club Card, was introduced, enabling its customers to buy online as well as on the high street. Dot Dot Loans, the Company's first online instalment product, was launched in March 2017.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumers2.
Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowing.
Since February 2014, unsecured personal lending has grown from £161 billion to £216 billion in February 20193.
1 Independent Customer Satisfaction Survey conducted by Mustard2 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 20173 Source: Table A5.2, Bank of England Money and Credit Bank stats February 2019
About UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes.
UK HCC is considered to be stable and well-established, with approximately 1.6 million2 people using the services of UK HCC lenders.
2 High Cost Credit Review ANNEX 1 - July 2017