26 Jun 2018 11:53
26 June 2018
Morses Club PLC
Result of Annual General Meeting
Morses Club PLC is pleased to announce that all resolutions proposed at the Company's Annual General Meeting, held at 10.30 am today, were duly approved by shareholders. The resolutions and voting outcomes are set out below:
| IN FAVOUR | AGAINST | VOTES WITHHELD | |||
Number of Shares | % Voting Shares | Number of Shares | % Voting Shares | Number of Shares | ||
RESOLUTION |
|
|
|
|
| |
1. | Report and Accounts | 122,839,931 | 100.00% | 0 | 0.00% | 0 |
2. | Remuneration Report | 122,805,668 | 99.99% | 14,263 | 0.01% | 20,000 |
3. | Final Dividend | 122,839,931 | 100.00% | 0 | 0.00% | 0 |
4. | Re-elect Stephen Karle | 122,836,931 | 99.99% | 3,000 | 0.01% | 0 |
5. | Re-elect Patrick Storey | 122,836,931 | 99.99% | 3,000 | 0.01% | 0 |
6. | Re-elect Peter Ward | 120,303,481 | 97.94% | 2,536,450 | 2.06% | 0 |
7. | Re-appoint auditor | 122,831,931 | 99.99% | 8,000 | 0.01% | 0 |
8. | Remuneration of auditor | 122,839,931 | 100.00% | 0 | 0.00% | 0 |
9. | Authority to allot shares | 122,836,931 | 99.99% | 3,000 | 0.01% | 0 |
10. | Authority to disapply pre-emption rights (Special Resolution) | 120,675,268 | 98.24% | 2,164,663 | 1.76% | 0 |
11. | Authority for company to purchase its own shares (Special Resolution) | 122,828,668 | 99.99% | 11,263 | 0.01% | 0 |
Notes: |
1. Percentage of voting shares is the percentage of shares voted and excludes shares on which votes were withheld |
2. Total number of shares voted = 122,839,931 (94.9%) |
3. Total number of shares in issue = 129,500,000 |
Ends
For further information please contact:
Morses Club PLCPaul Smith, Chief Executive OfficerAndy Thomson, Chief Financial Officer | Tel: +44 (0) 330 045 0719 | ||
Panmure Gordon (UK) Limited (Nomad and Joint Broker)Richard Gray / Fabien Holler / Atholl Tweedie (Corporate Finance)Charles Leigh-Pemberton (Corporate Broking) | Tel: +44 (0) 20 7886 2500 | ||
finnCap (Joint Broker)Jonny Franklin-Adams / Emily Watts / Anthony Adams (Corporate Finance)Tim Redfern / Richard Chambers (Corporate Broking) | Tel: +44 (0) 20 7220 0500 |
| |
CamarcoJennifer RenwickEd Gascoigne-PeesKimberley Taylor | Tel: +44 (0) 20 3757 4994 |
| |
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC) lender with 229,000 customers and 2,030 agents across 98 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 95% or above.
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 consumers.
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 £209 billion in February 20181.
1 Source: Table J Bank of England Money & Credit Report February 2018
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