Morses Club PLC Correction to Notice of General Meeting (4677J)

TIDMMCL

RNS Number : 4677J

Morses Club PLC

23 August 2021

23 August 2021

Morses Club PLC

Correction to Notice of General Meeting

Morses Club PLC ("Morses Club", or the "Company"), an established provider of non-standard financial services, would like to notify stakeholders that the notice of General Meeting (the "Notice of GM") dated 13 August 2021, contained an error.

Resolution 2 (The Scheme of Arrangement), paragraph (c)(ii)(1), line 6 of the Notice of GM, with reference to the authority under section 551 of the Companies Act 2006, incorrectly references an aggregate nominal value of GBP132,531 in respect of relevant securities that may be allotted.

The Company confirms that the correct aggregate nominal value that the Company is seeking authority to allot is up to GBP1,400,000.

All other details within the Notice of GM remain unchanged.

The General Meeting is to be held on Wednesday, 8 September 2021 at 10.50am at Suite 2.01, One City West, Gelderd Road, Leeds, LS12 6NJ.

A letter containing the correction to the Notice of GM will be posted to shareholders and a corrected version of the Notice of GM is available at https://www.morsesclubplc.com/investors/key-corporate-documents/

Ends

For further information please contact:

 
 Morses Club PLC                                  Tel: +44 (0) 330 
  Paul Smith, Chief Executive Officer              045 0719 
  Graeme Campbell, Chief Financial Officer 
 Peel Hunt (Nomad)                                Tel: [phone] 
  Andrew Buchanan / James Britton / Rishi          8900 
  Shah / Duncan Littlejohns (Investment Banking 
  Division) 
 Camarco                                          Tel: [phone] 
  Jennifer Renwick / Jake Thomas                   4994 
 

Notes to Editors

About Morses Club

Morses Club is an established provider of non-standard financial services in the UK. The Group consists of Morses Club, the UK's second largest home collected credit ("HCC") provider, and Shelby Finance Limited, Morses Club's Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account, which offers online e-money current accounts. The Group's growing Digital capabilities and scalable, highly invested IT platform has enabled Morses Club to deliver an inc reasingly broad range of financial products and services to the non-standard credit market.

UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered dir e ctly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes. UK HCC is considered to be stable and well-established, with approximately 1.6 million (1) people using the services of UK HCC lenders.

Morses Club's HCC division is the second largest UK Home Collected Credit (HCC) lender with 170,000 customers throughout the UK. The majority of the Company's customers are repeat borrowers and the HCC division enjoys consistently high customer satisfaction scores of 97% (2) . In 2016, the Morses Club Card, a cashless lending product, was introduced and in 2019 the Company introduced an online customer portal for its HCC customers, which now has over 124,000 registered customers.

The Group's growing Digital division, Shelby Finance, operates under two online brands. Dot Dot Loans provides online instalment loans of up to 48 months to c. 20,000 active customers. U Account is a leading digital current account provider offering an altern ative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 15,000 customers.

Morses Club listed on AIM in May 2016.

About the UK non-standard credit market

The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumers (3) and total loan receivables of GBP10.7bn (4) .

Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowin g. Approximately 2 million people move annually between standard and non-standard markets (4) .

Since February 2014, unsecured personal lending has grown from GBP161 billion to GBP225 billion in February 2020. It has since contracted to GBP197 billion in March 2021(5) .

(1 High Cost Credit Review ANNEX 1 - July 2017)

(2 Independent Customer Satisfaction Survey conducted by Mustard 3 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 2017 4 Apex Insight - Non-Prime Consumer Credit: UK Market Insight Report - September 2019 5 Table A5.2, Bank of England Money and Credit Bank stats March 2021)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NOGKXLBLFVLLBBV

(END) Dow Jones Newswires

August 23, 2021 08:00 ET (12:00 GMT)