1 Nov 2018 07:00
1 November 2018
PCF Group plc
("PCF", the "Company" or the "Group")
Completion of Acquisition and Issue of Equity
PCF Group plc, the parent of specialist bank PCF Bank, is pleased to announce that its acquisition of Azule Limited ("Azule"), previously announced on 8 October 2018, has now completed following receipt of Financial Conduct Authority approval.
The Company has applied for admission of 1,923,076 Consideration Shares to trading on AIM and it is expected that admission will become effective and dealings will commence at 8.00 a.m. on 5 November 2018.
Following admission of the Placing and Consideration Shares, the Company's issued ordinary share capital will consist of 214,152,601 ordinary shares; no shares are held in treasury. The above figure of 214,152,601 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
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For further information, please contact:
PCF Group plc Scott Maybury, Chief Executive Officer Robert Murray, Managing Director David Bull, Finance Director
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| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Jos Simson / Simon Hudson / Edward Lee
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| Tel: +44 (0) 20 7920 3150 |
Panmure Gordon (UK) Limited Atholl Tweedie - Corporate Finance Charles Leigh-Pemberton - Corporate Broking
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| Tel: +44 (0) 20 7886 2500 |
Stockdale Securities Robert Finlay / Richard Johnson - Corporate Finance Henry Willcocks - Corporate Broking
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| 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. With the advent of a banking operation, the Group now has the capability to increase its lending portfolio significantly, with target portfolio sizes of £350 million in 2020 and £750 million in 2022. The Group will retain its focus on portfolio quality and has the capability to lend increasingly to prime segments of its existing finance markets. The Group will also seek to diversify its lending products and asset classes through acquisition.
PCF Bank currently offers retail savings products for individuals and then deploys those funds through its two lending divisions:
• Consumer Finance which provides finance for motor vehicles to consumers; and
• Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a track record of strong financial performance and an efficient and scalable business model, with significant room to grow. Utilising its technologically advanced platform, the Bank provides both depositors and borrowers with a high level of service and a straightforward, simple range of products tailored to suit their needs.
For media enquiries please contact media@pcf.bank