7 Jun 2022 07:00
7 June 2022
PCF Group plc
("PCF", the "Bank" or the "Group")
Capital Subscription update
Following the Company's capital subscription announcement on 31 May 2022, the directors of PCF are pleased to confirm that an agreement has been signed relating to the subscription by the Company's majority shareholder, Somers Ltd, of 54,880,000 new ordinary shares at a subscription price of 5 pence per share which will raise gross proceeds of £2,744,000. It is anticipated that admission of such shares to trading on AIM will occur at 8am today, which is the final condition under the said agreement.
Following the Company's possible offer announcement on 31 May 2022, PCF has been contacted by a party in relation to considering a possible combination under which PCF would acquire the other company, and very early-stage conversations in respect of this have commenced.
For further information, please visit https://pcf.bank/ or contact:
PCF Group (via Tavistock Communications) Garry Stran, Chief Executive Officer Caroline Richardson, Chief Financial Officer | Tel: +44 (0) 20 7920 3150 | |
Tavistock Communications Simon Hudson / Tim Pearson | Tel: +44 (0) 20 7920 3150 | |
Peel Hunt (Nominated Advisor and Joint Broker) Andrew Buchanan / Rishi Shah / Sam Milford | Tel: +44 (0) 20 7418 8900 | |
Shore Capital (Joint Broker) Henry Willcocks / Guy Wiehahn | Tel: +44 (0) 20 7408 4080 |
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 brokers 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.