Non-Standard Finance PLC Notice of Delisting (3684F)

TIDMNSF

RNS Number : 3684F

Non-Standard Finance PLC

10 July 2023

Non-Standard Finance plc

('Non-Standard Finance', 'NSF' or the 'Company')

Completion of Alternative Transaction and Scheme

&

Notice of Delisting

10 July 2023:

   --      NSF announces that the Alternative Transaction has completed. 

-- Following the appointment of fixed charge receivers in respect of the shares in NSF Finco Limited, the Group's business has been transferred to a newly-incorporated company owned by the Group's secured lenders. In exchange for this, the secured lenders have released GBP70 million of their secured debt and provided GBP40 million of additional liquidity.

-- With part of this new funding having been paid into the Scheme Fund, the Scheme has become effective. The Scheme provides certainty on the extent of the Group's liability for historical redress claims, while allowing for the partial payment of those claims.

   --      NSF confirms that it is business as usual for the Group's customers and employees. 

-- Together, the Alternative Transaction and the Scheme will secure the future of the Everyday Loans business and allow it to pursue its growth plans providing an invaluable service for its customers.

Jono Gillespie, Group Chief Executive, said:

"We are delighted that the future of the Everyday Loans business is secure. We can now look to the future with a strong financial platform to grow the business in line with our plans. We are very grateful for the support we have received along the way, particularly from the customers and employees of the Everyday Loans business who have stuck with us during a difficult period."

As previously announced, following implementation of the Alternative Transaction, the Company no longer has any interest in the Group's business, meaning that there will not be any recovery for the Company's shareholders.

NSF continues to progress an orderly winddown of the Company. To facilitate this process, NSF has requested (i) the FCA to cancel the listing of the Company's ordinary shares (the "Shares") on the standard segment of the Official List of the FCA, and (ii) the London Stock Exchange (the "LSE") to cancel the admission to trading of the Shares on the Main Market for listed securities of the LSE (the "Delisting"). It is intended that the Delisting will become effective from 08:00 a.m. (London time) on 8 August 2023.

The Company will provide an update to shareholders in due course regarding the orderly winddown. Shareholders do not need to take any action at this time.

Unless otherwise defined, capitalised terms within this announcement shall have the same meaning as those contained within NSF's announcement dated 17 March 2023.

 
 For more information: 
 Non-Standard Finance plc 
 
  Jono Gillespie, Group Chief 
  Executive Officer 
 
  Sarah Day, Chief ESG Officer 
  and Company 
  Secretary                       [phone] 
 Cenkos Securities plc 
 
  Ben Jeynes 
 
  Callum Davidson                 [phone] 
 H/Advisors Maitland              [phone] 
 
  Neil Bennett                     [phone] 
 
  Finlay Donaldson                 [phone] 
 

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July 10, 2023 02:00 ET (06:00 GMT)