LONDON (dpa-AFX) - Non-Standard Finance plc or NSF, which has offered to acquire Provident Financial plc (PFG.L), issued Tuesday a response to Provident's announcement earlier in the day.
Provident re-confirmed that it does not recommend NSF Offer, and urged all Shareholders to take no action in relation to the offer. Provident also said its board continues to explore all appropriate alternatives to maximise value for all shareholders.
Provident added that its Board continues to have very material concerns about the strategic, operational and financial merits of the NSF Offer and is keen to ensure that all of its shareholders, including those that do not have a shareholding in NSF, have full clarity with respect to the terms and implications of the NSF Offer.
In its response, NSF noted that more than 50% of Provident's shareholders have now accepted the offer. The comp[any noted that it has set out plans very clearly in its original Offer announcement issued in February and detailed Offer Document and Prospectus issued on March 9.
NSF said its plans were prepared very carefully with a view to both fixing Provident's problems and also creating substantial value for shareholders and other stakeholders.
'We look forward to receiving acceptances for the balance of the Provident shares in due course so that we can get on with the job of fixing Provident as soon as possible - there is no time to waste,' NSF said.
Copyright RTT News/dpa-AFX