Morses Club PLC Director/PDMR Shareholding (1768J)

TIDMMCL

RNS Number : 1768J

Morses Club PLC

15 August 2019

15 August 2019

Morses Club PLC

Director/PDMR Shareholding

Morses Club PLC ("Morses Club" or "the Company"), the UK's second largest home collected credit ("HCC") lender, announces that on 14 August 2019, Peter Ward, a Non--Executive Director, sold 200,000 ordinary shares of 1 pence each in the Company at a price of 125.5 pence per share and bought into his SIPP 200,000 ordinary shares at a price of 125.75 pence per ordinary share.

Following this transaction, Mr Ward's beneficial interest in the Company remains unchanged at 200,000 ordinary shares, which represents 0.15% of the Company's issued share capital.

DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                                    Peter Ward 
     --------------------------------------  ----------------------------------- 
 2    Reason for the notification 
     --------------------------------------------------------------------------- 
 a)   Position/status                         Non-Executive Director 
     --------------------------------------  ----------------------------------- 
 b)   Initial notification /Amendment         Initial Notification 
     --------------------------------------  ----------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------- 
 a)   Name                                    Morses Club PLC 
     --------------------------------------  ----------------------------------- 
 b)   Legal Entity Identifier                 2138009PVBE5FDT58R09 
     --------------------------------------  ----------------------------------- 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     --------------------------------------------------------------------------- 
 a)   Description of the financial            Ordinary shares of 1 pence each 
       instrument, type of instrument:         GB00BZ6C4F71 
       Identification code: 
     --------------------------------------  ----------------------------------- 
 b)   Nature of the transaction               Transfer to SIPP 
     --------------------------------------  ----------------------------------- 
 c)   Currency                                GBP 
     --------------------------------------  ----------------------------------- 
 d)   Price(s) and volume(s)                  (i) Sale: 
     --------------------------------------  ----------------------------------- 
                                                125.5 pence      200,000 shares 
     --------------------------------------  ----------------  ----------------- 
                                              (ii) Purchase into SIPP: 
                                             ----------------------------------- 
                                               125.75 pence      200,000 shares 
                                             ----------------  ----------------- 
 
 e)   Aggregated information                  200,000 ordinary shares of 1 
       - Aggregated volume                     pence (sold) at 
       - Price                                 125.5 pence per ordinary share 
 
                                               200,000 ordinary shares of 1 
                                               pence (bought into SIPP) at 
                                               125.75 pence per ordinary share 
     --------------------------------------  ----------------------------------- 
 f)   Date of the transaction                 14 August 2019 
     --------------------------------------  ----------------------------------- 
 g)   Place of the transaction                AIM 
     --------------------------------------  ----------------------------------- 
 

For further information

 
 Morses Club PLC                                    Tel: +44 (0) 330 
  Paul Smith, Chief Executive Officer                045 0719 
  Andrew Hayward, Chief Financial Officer 
 Panmure Gordon (UK) Limited (Nomad and Joint       Tel: +44 (0) 20 
  Broker)                                            7886 2500 
  Fabien Holler / Atholl Tweedie (Corporate 
  Finance) 
  Erik Anderson (Corporate Broking) 
 finnCap                                            Tel: +44 (0) 20 
  Jonny Franklin-Adams / Anthony Adams (Corporate    7220 0500 
  Finance) 
  Tim Redfern / Richard Chambers (Corporate 
  Broking) 
 Camarco                                            Tel: +44 (0) 20 
  Ed Gascoigne-Pees / Jennifer Renwick /             3757 4984 
  Kimberley Taylor 
 

Notes to Editors

About Morses Club

Morses Club is the second largest UK Home Collected Credit (HCC) lender with 235,000 customers and over 1,900 agents across 95 locations throughout the UK.

The Company offers a range of loan products to its customers through its extensive self-employed agent network. The majority of the Company's borrowers are repeat customers and the Company enjoys consistently high customer satisfaction with scores of 97% or above(1) .

The Company is using technology to broaden its offering and provide new products to ensure customers can access credit with the flexibility they require. In April 2016, its cashless lending product, the Morses Club Card, was introduced, enabling its customers to buy online as well as on the high street. Dot Dot Loans, the Company's first online instalment product, was launched in March 2017.

Morses Club successfully 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(2) .

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 borrowing.

Since February 2014, unsecured personal lending has grown from GBP161 billion to GBP216 billion in February 2019(3) .

(1 Independent Customer Satisfaction Survey conducted by Mustard 2 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 2017 3 Source: Table A5.2, Bank of England Money and Credit Bank stats February 2019)

About UK Home Collected Credit

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 directly 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(2) people using the services of UK HCC lenders.

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

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August 15, 2019 04:48 ET (08:48 GMT)