LONDON (dpa-AFX) - Provident Financial plc (PFG.L) said the announced CMA investigation has raised a far greater degree of uncertainty for the NSF offer than previously indicated by Non-Standard Finance plc. The invitation to comment period has commenced under the CMA investigation.
The Provident Board noted that the CMA investigation is unlikely to conclude before 5 June 2019, the latest date for NSF to declare the offer wholly unconditional. This will present Provident shareholders a potential remedy, which would be materially value destructive.
'The Provident Board believes that Provident Shareholders are not able to assess or even estimate the full economic consequences of the NSF offer and therefore the NSF board should show due consideration to all Provident shareholders by allowing it to lapse,' Provident Board stated.
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