LONDON (dpa-AFX) - Non-Standard Finance plc, or NSF, announced the terms of a firm offer to acquire the entire issued share capital of Provident Financial plc. Under the terms of the transaction, Provident shareholders will be entitled to receive: for each Provident share: 8.88 new NSF shares. The transaction values each Provident share at 511 pence; and values the entire issued and to be issued ordinary share capital of Provident at approximately 1.3 billion pounds. The transaction would result in Provident shareholders owning approximately 87.8 percent of the enlarged NSF Group.
The new NSF shares will not carry any entitlement to receive any final dividend declared by NSF in respect of the year ended 31 December 2018.
NSF intends to complete a demerger of its home credit business, Loans at Home, to assist with the CMA competition approval process and for Loans at Home to be admitted to trading either on the Main Market (with a standard listing) or on AIM.
Woodford, Invesco and Marathon, shareholders representing in aggregate approximately 50.01 percent of Provident's issued share capital, have given letters of intent to accept the offer.
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