2 Aug 2019 07:00
2 August 2019
Morses Club PLC
Directors/PDMRs Dealings
Morses Club PLC ("Morses Club" or "the Company"), the UK's second largest home collected credit ("HCC") lender, announces that, further to the awards of nil cost options over 1p ordinary shares in the Company ("Shares") that were made on 4 May 2016 under the Deferred Share Bonus Scheme ("DSBS"), which vested on 29 July 2019, the Company has been notified that the following Directors/Persons Discharging Managerial Responsibilities (PDMRs) of the Company exercised their options on 31 July 2019 and sold Shares (in part to satisfy their Income Tax and National Insurance liabilities) on 31 July 2019 as follows:
PDMR | Number of Shares awarded under DSBS | Number of Shares exercised | Number of Shares sold to satisfy Income Tax and NICs liability | Number of additional Shares sold | Total number of Shares sold | Net number of Shares retained |
Paul Smith | 240,686 | 240,686 | 113,693 | - | 113,693 | 126,993 |
Thomas Andrew Thomson | 181,853 | 181,853 | 85,903 | - | 85,903 | 95,950 |
Myron Burlak | 133,715 | 133,715 | 63,164 | 70,551 | 133,715 | - |
Les Easson | 160,457 | 160,457 | 75,796 | - | 75,796 | 84,661 |
Tracey Mulligan | 147,086 | 147,086 | 69,480 | - | 69,480 | 77,606 |
Barrie Grimshaw | 147,086 | 147,086 | 69,480 | 77,606 | 147,086 | - |
Ian Cooper | 147,086 | 147,086 | 69,480 | 77,606 | 147,086 | - |
This announcement is made in accordance with the requirements of the EU Market Abuse Regulation. The notification of dealing forms can be found below.
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 | Paul Smith | |
2 | Reason for the notification | ||
a) | Position/status | PDMR, Chief Executive Officer | |
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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Bonus Scheme (ii) Sale of ordinary shares of 1 pence each | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | (i) Exercise of options: | |
nil | 240,686 shares | ||
(ii) Sale of shares: | |||
130 pence | 113,693 shares | ||
e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
f) | Date of the transaction | (i) 31 July 2019 (ii) 31 July 2019 | |
g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Thomas Andrew Thomson | |
2 | Reason for the notification | ||
a) | Position/status | PDMR, 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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Bonus Scheme (ii) Sale of ordinary shares of 1 pence each | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | (i) Exercise of options: | |
nil | 181,853 shares | ||
(ii) Sale of shares: | |||
130 pence | 85,903 shares | ||
e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
f) | Date of the transaction | (i) 31 July 2019 (ii) 31 July 2019 | |
g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Myron Burlak | |
2 | Reason for the notification | ||
a) | Position/status | PDMR | |
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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Bonus Scheme (ii) Sale of ordinary shares of 1 pence each | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | (i) Exercise of options: | |
nil | 133,715 shares | ||
(ii) Sale of shares: | |||
130 pence | 133,715 shares | ||
e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
f) | Date of the transaction | (i) 31 July 2019 (ii) 31 July 2019 | |
g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Leslie Easson | |
2 | Reason for the notification | ||
a) | Position/status | PDMR | |
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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Bonus Scheme (ii) Sale of ordinary shares of 1 pence each | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | (i) Exercise of options: | |
nil | 160,457 shares | ||
(ii) Sale of shares: | |||
130 pence | 75,796 shares | ||
e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
f) | Date of the transaction | (i) 31 July 2019 (ii) 31 July 2019 | |
g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
1 | Details of the person discharging managerial responsibilities/person closely associated | |||
a) | Name | Tracey Mulligan |
| |
2 | Reason for the notification | |||
a) | Position/status | PDMR |
| |
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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Bonus Scheme (ii) Sale of ordinary shares of 1 pence each |
| |
c) | Currency | GBP |
| |
d) | Price(s) and volume(s) | (i) Exercise of options: |
| |
nil | 147,086 shares |
| ||
(ii) Sale of shares: |
| |||
130 pence | 69,480 shares |
| ||
| ||||
e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA |
| |
f) | Date of the transaction | (i) 31 July 2019 (ii) 31 July 2019 |
| |
g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM |
| |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Barrie Grimshaw | |
2 | Reason for the notification | ||
a) | Position/status | PDMR | |
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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Bonus Scheme (ii) Sale of ordinary shares of 1 pence each | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | (i) Exercise of options: | |
nil | 147,086 shares | ||
(ii) Sale of shares: | |||
130 pence | 69,480 shares | ||
e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
f) | Date of the transaction | (i) 31 July 2019 (ii) 31 July 2019 | |
g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Ian Cooper | |
2 | Reason for the notification | ||
a) | Position/status | PDMR | |
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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Bonus Scheme (ii) Sale of ordinary shares of 1 pence each | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | (i) Exercise of options: | |
nil | 147,086 shares | ||
(ii) Sale of shares: | |||
130 pence | 69,480 shares | ||
e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
f) | Date of the transaction | (i) 31 July 2019 (ii) 31 July 2019 | |
g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, 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