5 Oct 2022 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
5 October 2022
PCF Group plc
("PCF", the "Bank" or the "Group")
Market update
The Board of PCF is providing an update on key aspects of its near-term strategic intentions and operations following the announcement released by Castle Trust Capital plc on 29 September 2022 that it did not intend to make an offer for PCF.
The Company continues to be engaged in its objectives of seeking to raise further growth capital despite the difficult market backdrop whilst separately continuing to explore other transactional options, be that by way of business, operational or asset sales or other options to give greater certainty to, and maximise value for, shareholders.
As mentioned in its Interim Accounts for the 6 months to 31 March 2022, the raising of such capital is not guaranteed, nor is the completion of any of the other strategic options. Given this uncertainty, together with the current challenging and volatile macro-economic conditions, the Board of PCF has taken the decision, with effect from today, that it would be prudent for PCF Bank to suspend any new lending activities until further notice. The business will also accelerate a review process of its operational structure with the intention of further reducing its cost base.
Enquiries
PCF Group (via Tavistock Communications)
Garry Stran, Chief Executive Officer Caroline Richardson, Chief Financial Officer
| + 44(0) 20 7920 3150 |
Tavistock Communications
Simon Hudson / Tim Pearson
Peel Hunt LLP (Financial Adviser, Nominated Adviser and Joint Broker) James Britton / Paul Shackleton / Oliver Jackson
|
+ 44(0) 20 7920 3150
+44 (0) 207 418 8817 |
Shore Capital (Joint Broker) Henry Willcocks / Guy Wiehahn
| +44 (0) 20 7408 4080 |
Market Abuse Regulations
The information contained within this announcement would have, prior to its release, constituted inside information as stipulated under Article 7 of the Market Abuse Regulations (EU) No.596/2014 as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, "UK MAR"). Upon the publication of this announcement via a regulatory information service, this inside information will be considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this information on behalf of PCF is Garry Stran, CEO.