23 Dec 2021 13:10
23rd December 2021
PCF Group plc
("PCF", the "Bank" or the "Group")
Board Changes and Change of Auditor
Board Changes
The Group announces the following forthcoming changes to the Board of Directors of the Group (the "Board"):
• Tim Franklin has notified the Board that he will retire as director and Chairperson of PCF Group plc and PCF Bank Limited upon the appointment of a successor Chairperson and, in any event by no later than 31 January 2022.
• Marian Martin has also tendered her resignation as a director of PCF Group plc and PCF Bank Limited with effect from 23 December 2021 but will continue to work with the Board and the Group under her services agreement for the remainder of its term in order to faciltate an effective transition and handover.
• Having completed a search process, but subject to completion of certain regulatory approvals, the Board will be appointing two new directors, one as a Senior Independent Director and the other as the successor Chairperson.
Further detail on these Board changes will be announced seperately in due course.
Garry Stran, Interim Chief Executive Officer, commenting on the changes said "Tim and Marian have been valued members of the Board. Tim, as Chair, has overseen considerable change in the business since his appointment. During the difficult times of the last few months, he has provided calm and considered leadership against a backdrop of a global pandemic and the discovery of a number of internal governance issues. His contribution to the success of the Bank during his tenure has been significant and the Board thank him for this contribution and wish him well for the future.
Likewise Marian has made a significant contribution to the Board particularly given her deep expertise in risk related matters which has been invaluable over the last few months."
Change of Auditor
Following the completion of the Annual Report & Financial Statements 2020 process and, as set out in the earlier announcement today, Ernst & Young LLP (EY) have now resigned as auditors and, having undertaken a prior tender exercise in anticipation of that resignation, the Board have now appointed MacIntyre Hudson LLP to be the Group's new auditor.
Approval of the appointment will be sought at the General Meeting at which the Annual Report & Financial Statements 2020 will be presented, which is proposed to be convened on Friday, 4 February 2022 and which will be formally notified to shareholders in early January 2022.
As part of the auditor resignation process EY has notified the Group of certain matters that it considers need to be brought to the attention of its members and such creditors as it is required to under the Companies Act 2006. The Group will be sending out a separate notification detailing those to shareholders in early January as it is required to. These relate to matters previously announced either in earlier announcements by the Group or as set out in the Independent Auditor's Report - Basis for Disclaimer section of the Annual Report and Financial Statements 2020 published earlier today.
PCF's shares remain suspended from trading and it will provide a further update in due course on this and the publication of the half-year results for the six months ending 31 March 2021.
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For further information, please visit https://pcf.bank/ or contact:
PCF Group (via Tavistock Communications) Garry Stran, Interim Chief Executive Officer Caroline Richardson, Chief Financial Officer
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| Tel: +44 (0) 20 7920 3150 |
Tavistock Communications Simon Hudson / Tim Pearson
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| Tel: +44 (0) 20 7920 3150 |
Peel Hunt (Nominated Advisor and Broker) Andrew Buchanan / Rishi Shah |
| Tel: +44 (0) 20 7418 8900 |
Shore Capital (Joint Broker) Henry Willcocks / Guy Wiehahn |
| Tel: +44 (0)20 7601 6100 |
About PCF Group plc (www.pcf.bank)
Established in 1994, PCF Group plc is the AIM-quoted parent of the specialist bank, PCF Bank Limited. Since commencing operations as a bank in 2017. The Group continues to focus on portfolio quality and lending to the prime segments of its existing markets. The Group will continue to identify opportunities to diversify its lending products and asset classes by setting up new organic operations or through acquisition.
PCF Bank currently offers retail savings products for individuals and then deploys those funds through its four lending divisions:
· Business asset finance which provides finance for vehicles, plant and equipment to SMEs;
· Consumer motor finance which provides finance for motor vehicles to consumers;
· Azule which provides finance to the broadcast and media industry; and
Property bridging finance which provides loans to companies and sole traders investing in residential and commercial property.