TCS Group Holding PLC (TCS)
TCS Group Holding PLC announces suspension of dividend payments for the
remainder of 2019
11-Jun-2019 / 09:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
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OR DISTRIBUTION WOULD BE UNLAWFUL.
TCS Group Holding PLC announces suspension of dividend payments for the
remainder of 2019
Limassol, Cyprus - 11 June 2019. TCS Group Holding PLC (TCS LI) (the
"Group"), Russia's leading provider of online financial and lifestyle
services via its Tinkoff.ru ecosystem, today issues an update related to its
planned primary capital raising.
On 4 June 2019 the Group upgraded its guidance to net loan growth for FY2019
to at least 60%. To ensure the Company will have the necessary capital to
scale up successfully piloted loan products and to seize the current
profitable growth opportunity, the Group announced its plan to complete an
up to USD300m primary capital raise which would ensure that the Group not
only has the necessary capital to seize the growth opportunities identified
but also maintains ample capital buffers going forward against the backdrop
of ongoing regulatory tightening.
In connection therewith, it is hereby announced that the Group will not pay
any dividends for the remainder of 2019.
Oliver Hughes, CEO of Tinkoff, commented: "The Tinkoff Team has been
listening to preliminary investor feedback. Part of this feedback is that
investors would, on the whole, like to see a temporary suspension of
dividends to further support credit growth and capital cushions. They
believe that this is right given the current plans to raise primary
capital."
For enquiries:
Tinkoff Bank Tinkoff Bank
Darya Ermolina Larisa Chernysheva
Head of PR IR Department
+ 7 495 648-10-00 (ext. 2009) + 7 495 648-10-00 (ext. 2312)
d.ermolina@tinkoff.ru ir@tinkoff.ru [1]
About the Group
TCS Group Holding PLC is an innovative provider of online retail financial
services. It includes Tinkoff Bank, mobile virtual network operator Tinkoff
Mobile, Tinkoff Insurance, and Tinkoff Software DC, a network of development
hubs in major Russian cities. The Group also has Tinkoff.ru, an evolving
ecosystem that offers financial and lifestyle services.
The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has
been listed on the London Stock Exchange since October 2013.
The Group's key business is Tinkoff Bank, the country's first and only
direct bank and the core of the Tinkoff.ru ecosystem.
Tinkoff Bank is the second largest player in the Russian credit card market,
with a share of 12.4% as of 1 April 2019. The 1Q'19 IFRS net income of TCS
Group Holding PLC amounted to RUB 7.2 bn, ROE stood at 64.4%.
With no branches, the Group serves all its customers remotely via online
channels and a cloud-based call centre staffed by over 10,000 employees,
which makes it one of the largest in Europe. To ensure smooth delivery of
the Group's products, the Group has a nationwide network of over 2,500
representatives.
In 2018 Global Finance named Tinkoff Bank the world's Best Consumer Digital
Bank, in 2018, 2016 and 2015, the Best Consumer Digital Bank in Russia, and
in 2017 and 2013 The Banker recognised it as the Bank of the Year in Russia.
The bank's mobile app has been consistently praised by local and global
independent experts as the best of its kind (in 2013, 2014, 2015, 2016 by
Deloitte and in 2018 by Global Finance).
This announcement is not an offer for sale of securities in the United
States or any other country. The securities to which this announcement
relates have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act") or with any securities
regulatory authority of any state of the United States or other jurisdiction
and may not be offered, sold, pledged or otherwise transferred in the United
States except pursuant to registration or an exemption from the registration
requirements of the Securities Act and in compliance with any applicable
state securities laws.
This announcement is directed only at persons (i) outside the United
Kingdom; (ii) that have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (iii)
falling within Article 49(2)(a) to (d) ("high net worth companies,
unincorporated associations etc.") of the Order; or (iv) to whom this
announcement may otherwise be directed without contravention of Section 21
of the Financial Services and Markets Act 2000 (all such persons together
being referred to as "relevant persons"). This announcement must not be
acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this announcement relates is
available only to relevant persons and will be engaged in only with relevant
persons.
In member states of the EEA, this announcement is directed only at persons
who are "qualified investors" within the meaning of Article 2(1)(e) of
Directive 2003/71/EC, as amended.
Forward-looking statements
Some of the information in this announcement may contain projections or
other forward-looking statements regarding future events or the future
financial performance of the Group and Tinkoff Bank. You can identify
forward looking statements by terms such as "expect", "believe",
"anticipate", "estimate", "intend", "will", "could," "may" or "might", the
negative of such terms or other similar expressions. The Group and Tinkoff
Bank wish to caution you that these statements are only predictions and that
actual events or results may differ materially. The Group and Tinkoff Bank
do not intend to update these statements to reflect events and circumstances
occurring after the date hereof or to reflect the occurrence of
unanticipated events. Many factors could cause the actual results to differ
materially from those contained in projections or forward-looking statements
of the Group and Tinkoff Bank, including, among others, general economic
conditions, the competitive environment, risks associated with operating in
Russia, rapid technological and market change in the industries the Group
operates in, as well as many other risks specifically related to the Group,
Tinkoff Bank and their respective operations.
ISIN: US87238U2033
Category Code: MSCM
TIDM: TCS
LEI Code: 549300XQRN9MR54V1W18
Sequence No.: 9714
EQS News ID: 822231
End of Announcement EQS News Service
1: mailto:ir@tcsbank.ru
(END) Dow Jones Newswires
June 11, 2019 02:00 ET (06:00 GMT)
