21 Feb 2022 07:01
21 February 2022
Morses Club PLC
PDMR Dealing
Morses Club PLC ("Morses Club" or "the Company"), an established provider of non-standard financial services, announces that on 17 February 2022 its former CEO, Paul Smith, a PDMR at the time of the dealing, sold 464,119 ordinary shares of 1 pence each in the Company ("Ordinary shares") at an average price of 42.65p.
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 | 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 | Sale of ordinary shares of 1 pence each | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | Sale of shares | |
42.65pence | 464,119 shares | ||
e) | Aggregated information - Aggregated volume - Price |
464,119 Ordinary shares
42.65 pence per Ordinary share
| |
f) | Date of the transaction | (i) 17 February 2022
| |
g) | Place of the transaction | AIM | |
The Company was notified on 18 February 2022 of the disposal of 464,119 shares by Paul Smith, former CEO, on 17 February 2022, having received no prior notification of the former CEO's intention to deal.
For further information please contact:
Morses Club PLC Gary Marshall, Chief Executive OfficerGraeme Campbell, Chief Financial Officer | Tel: +44 (0) 330 045 0719 |
Peel Hunt (Nominated Adviser)Andrew Buchanan / Rishi Shah / Sam Milford (Investment Banking Division)
| Tel: +44 (0) 20 7418 8900 |
CamarcoJennifer Renwick / Jake Thomas | Tel: +44 (0) 20 3757 4994 |
Notes to Editors
About Morses Club
Morses Club is an established provider of non-standard financial services in the UK. The Group consists of Morses Club, the UK's largest home collected credit ("HCC") provider1, and Shelby Finance Limited, Morses Club's Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account, which offers online e-money current accounts. The Group's growing Digital capabilities and scalable, highly invested IT platform has enabled Morses Club to deliver an increasingly broad range of financial products and services to the non-standard credit market.
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.
Morses Club's HCC division is the largest UK Home Collected Credit (HCC) lender1 with 144,000 customers throughout the UK. The HCC division enjoys consistently high customer satisfaction scores of 98%2. In 2016, the Morses Club Card, a cashless lending product, was introduced and in 2019 the Company introduced an online customer portal for its HCC customers, which now has over 108,000 registered customers.
The Group's growing Digital division, Shelby Finance, operates under two online brands. Dot Dot Loans provides online instalment loans of up to 48 months to c. 47,000 active customers. U Account is a leading digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 5,000 customers.
Morses Club 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 consumers3 and total loan receivables of £9.6bn4.
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. Approximately 2 million people move annually between standard and non-standard markets4.
Since February 2014, unsecured personal lending has grown from £161 billion to £225 billion in February 2020. It has since contracted to £197 billion in August 20215.
1 Based on Net Loan Book of £45.3m as at 28 August 2021
2 Independent Customer Satisfaction Survey conducted by Mustard3 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 20174 Apex Insight - Non-Prime Consumer Credit: UK Market Insight Report - December 20205 Table A5.2, Bank of England Money and Credit Bank stats August 2021