Morses Club PLC Notice of Annual General Meeting (4935W)

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RNS Number : 4935W

Morses Club PLC

19 August 2020

19 August 2020

Morses Club PLC

("Morses" or the "Company")

Notice of Annual General Meeting

Morses Club PLC ("the Company" or "the Group"), an established provider of non-standard financial services, advises that, in advance of the Company's Annual General Meeting ("AGM"), the Notice of 2020 Annual General Meeting has today been posted to shareholders.

The Company publishes its documents for shareholders on its website, except where shareholders have specifically requested that hard copies are posted to them. The Notice of Annual General meeting is available online at: https://morsesclubplc.com/investors/key-corporate-documents . S hareholders requesting a hard copy of the document should e-mail: [e-mail] .

The Company's AGM will take place at 9.30am on Tuesday 22 September 2020. As a result of the Covid-19 pandemic and the government's guidance on social distancing, shareholders are not permitted to attend the AGM in person this year. Shareholders can however submit a proxy vote online at www.signalshares.com or through CREST.

Shareholders are able to submit questions ahead of the AGM, which the Company will endeavour to answer via e-mail or on its website. Shareholders wishing to submit questions should e-mail: [e-mail]

As previously announced, t he audit process for the Company's FY20 results continues as the results will include the impact of Covid-19 on the impairment of the closing loan book as at 29 February 2020. Morses Club will update the market on the announcement date for its full year results in due course.

On the completion of the audit process and subsequent publication of the Annual Report, the Company will hold a further general meeting at which the audited accounts and other related matters will be laid before shareholders. Details of this meeting will be provided in due course.

For further information please contact:

 
 Morses Club PLC                            Tel: +44 (0) 330 
  Paul Smith, Chief Executive Officer        045 0719 
  Andy Thomson, Interim Chief Financial 
  Officer 
 Peel Hunt (NOMAD)                          Tel: +44 (0) 20 
  Andrew Buchanan / James Britton / Rishi    7418 8900 
  Shah / Duncan Littlejohns (Corporate) 
  Jock Maxwell Macdonald (ECM) 
 Camarco                                    Tel: +44 (0) 20 
  Jennifer Renwick / Oliver Head / Jake      3781 8332 
  Thomas 
 

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 operat es 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 increasingly 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 dire 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 224,000 customers throughout the UK. The majority of the Company's customers are repeat borrowers and the HCC division enjoys consistently high customer satisfactio n 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 109,000 registered customers.

The Group's growing digital div ision, Shelby Finance, operates under two online brands. Dot Dot Loans provides online instalment loans of up to 48 months to 37,000 active customers. U Account is a leading digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 18,000 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 borrowing. 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 GBP216 billion in February 2019 (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 February 2019)

(Review ANNEX 1 - July 2017)

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August 19, 2020 02:00 ET (06:00 GMT)