22 Jun 2021 11:30
22 June 2021
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 | 109,044,503 | 100.00% | 0 | 0.00% | 6,287 |
2. | Remuneration Report | 101,883,472 | 93.43% | 7,161,031 | 6.57% | 6,287 |
3. | Final Dividend | 109,044,503 | 100.00% | 0 | 0.00% | 6,287 |
4. | Re-elect Stephen Karle | 109,044,503 | 100.00% | 0 | 0.00% | 6,287 |
5. | Re-elect Sir Nigel Knowles | 109,036,903 | 99.99% | 7,600 | 0.01% | 6,287 |
6. | Re-elect Joanne Lake | 106,181,109 | 97.37% | 2,863,394 | 2.63% | 6,287 |
7. | Re-elect Peter Ward | 109,036,903 | 99.99% | 7,600 | 0.01% | 6,287 |
8. | Re-elect Paul Smith | 109,036,903 | 99.99% | 7,600 | 0.01% | 6,287 |
9. | Re-elect Andy Thomson | 109,044,503 | 100.00% | 0 | 0.00% | 6,287 |
10. | Elect Graeme Campbell | 109,032,903 | 99.99% | 7,600 | 0.01% | 10,287 |
11. | Elect Gary Marshall | 109,035,408 | 99.99% | 9,095 | 0.01% | 6,287 |
12. | Elect Sheryl Lawrence | 109,043,008 | 100.00% | 1,495 | 0.00% | 6,287 |
13. | Elect Michael Yeates | 109,040,503 | 100.00% | 0 | 0.00% | 10,287 |
14. | Re-appoint auditor | 109,031,408 | 99.99% | 13,095 | 0.01% | 6,287 |
15. | Remuneration of auditor | 109,040,503 | 100.00% | 4,000 | 0.00% | 6,287 |
16. | Authority to allot shares | 108,996,084 | 99.96% | 38,419 | 0.04% | 16,287 |
17. | Authority to disapply pre-emption rights (Special Resolution) | 108,217,484 | 99.25% | 813,183 | 0.75% | 20,123 |
18. | Authority for company to purchase its own shares (Special Resolution) | 109,034,329 | 99.99% | 10,174 | 0.01% | 6,287 |
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 = 109,050,790 (82.3%) |
3. Total number of shares in issue = 132,530,539 |
EndsFor further information please contact:
Morses Club PLC Paul Smith, Chief Executive OfficerGraeme Campbell, Chief Financial Officer | Tel: +44 (0) 330 045 0719 |
Peel Hunt (Nomad)Andrew Buchanan / Rishi Shah / Duncan Littlejohns / Jasmine Kanish (Investment Banking Division)
| Tel: +44 (0) 20 7418 8900 |
CamarcoJennifer Renwick / Oliver Head / 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 second largest home collected credit ("HCC") provider, 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 second largest UK Home Collected Credit (HCC) lender with 151,000 customers throughout the UK. The majority of the Company's customers are repeat borrowers and 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 107,000 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. 23,000 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. 6,000 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 £10.7bn4.
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 £206 billion in October 20205.
1 High Cost Credit Review ANNEX 1 - July 20172 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 - September 20195 Table A5.2, Bank of England Money and Credit Bank stats October 2020