Morses Club PLC Result of AGM (7131Z)

TIDMMCL

RNS Number : 7131Z

Morses Club PLC

22 September 2020

22 September 2020

Morses Club PLC

Result of Annual General Meeting

Morses Club PLC (the "Company") is pleased to announce that all resolutions proposed at the Company's Annual General Meeting, held at 9.30 am today, were duly approved by shareholders. The resolutions and voting outcomes are set out below:

 
                                     IN FAVOUR               AGAINST            VOTES 
                                                                               WITHHELD 
                               Number of    % Voting    Number     % Voting     Number 
                                 Shares      Shares        of       Shares     of Shares 
                                                         Shares 
                                                      ----------  --------- 
 RESOLUTION 
                              -----------  ---------  ----------  ---------  ----------- 
       Re-elect Stephen 
 1.     Karle                  63,076,978      99.98      13,935       0.02          918 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Re-elect Sir Nigel 
 2.     Knowles                63,075,803      99.98      15,110       0.02          918 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Re-elect Joanne 
 3.     Lake                   61,493,422      97.47   1,597,491       2.53          918 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Re-elect Peter 
 4.     Ward                   61,975,788      98.23   1,115,125       1.77          918 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Re-elect Paul 
 5.     Smith                  63,079,338      99.98      12,493       0.02            0 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Re-elect Andy 
 6.     Thomson                63,076,978      99.98      13,935       0.02          918 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Re-Elect Baroness 
 7.     Simone Finn            62,948,810      99.77     142,103       0.23          918 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
 8.    Elect Les Easson        63,074,100      99.98      13,731       0.02        4,000 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Authority to allot 
 9.     shares                 63,085,417      99.99       3,585       0.01        2,829 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Authority to disapply 
        pre-emption rights 
 10.    (Special Resolution)   60,231,246      95.47   2,856,034       4.53        3,597 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
       Authority for 
        company to purchase 
        its own shares 
 11.    (Special Resolution)   62,976,872      99.82     111,522       0.18        2,483 
      ----------------------  -----------  ---------  ----------  ---------  ----------- 
 
 
 Notes: 
 1. Percentage of voting shares is the percentage of shares voted 
  and excludes shares on which votes were withheld 
 2. Total number of shares voted = 63,091,831 (48.1%) 
 3. Total number of shares in issue = 131,244,444 
 

Ends

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      3757 4994 
  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 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 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 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 (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 169,000 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 112,000 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 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)

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

RAGPPUWWBUPUUMP

(END) Dow Jones Newswires

September 22, 2020 05:00 ET (09:00 GMT)