29 Nov 2019 15:24
Provident Financial plc
29 November 2019
Director Declaration
In accordance with LR 9.6.14(1), Provident Financial plc (the Company) notifies the market that since the announcement made by the Company on 25 March 2019 disclosing Robert East's directorship of Welcome Financial Services Limited (Welcome), a notice has been issued on 25 November 2019 to the creditors of Welcome of a Deemed Consent Procedure regarding the nomination of a liquidator to Welcome in relation to the commencement of a creditor voluntary liquidation (the Notice). As stated in the Notice, the date the resolution to wind-up Welcome is to be considered is on 16 December 2019.
As disclosed in the announcement made by the Company on 25 March 2019, Welcome had implemented a creditor scheme of arrangement with certain of its creditors (the Scheme) as part of a wider group restructuring of its financial obligations in 2011 - which became effective on 2 March 2011. Since then, Welcome has complied with the terms of the Scheme and wound down its business (including by completing the sale and collect-out of parts of its loan book). As a result of taking those steps, the directors of Welcome recently concluded that the next and final phase of the restructuring was for Welcome to enter liquidation.
Enquiries: | |
Media | |
Richard King, Provident Financial | 01274351900 |
Investor Relations | |
Gary Thompson/Vicki Turner, Provident Financial | 01274 351900 |
investors@providentfinancial.com |