PCF Group PLC Issue of Equity (3306V)

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RNS Number : 3306V

PCF Group PLC

05 April 2019

5 April 2019

PCF Group plc

("PCFG", the "Company" or the "Group")

Scrip Dividend Elections

Issue of Equity

The Company announces that, pursuant to its Scrip Dividend Scheme, it has received elections to receive new ordinary shares in lieu of cash in respect of the final dividend payment due on 12(th) April 2019. Election notices have been received from the holders of 1,806,638 ordinary shares of 5p each in the Company ("Ordinary Shares"), in aggregate, representing approximately 0.72% of the Ordinary Shares in issue on the dividend record date, 22(nd) March 2019. Accordingly, 15,703 new Ordinary Shares ("New Shares") will be issued in satisfaction of such elections at an equivalent price of 34.50p per share.

Application has been made for the New Shares to be admitted to trading on AIM and it is expected that admission will take place at 8.00 a.m. on 12(th) April 2019. The New Shares will rank pari passu with the existing Ordinary Shares.

Following admission of the New Shares to trading on AIM, the Company will have 250,196,637 Ordinary Shares in issue, none of which are held in treasury.

The above figure of 250,196,637 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules.

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For further information, please contact:

 
  PCF Group plc                                    Tel: [phone] 
   Scott Maybury, Chief Executive Officer           2426 
   Robert Murray, Managing Director 
   David Bull, Finance Director 
 Tavistock Communications                         Tel: [phone] 
  Jos Simson / Simon Hudson / Edward Lee           3150 
 Panmure Gordon (UK) Limited                      Tel: [phone] 
  Atholl Tweedie - Corporate Finance               2500 
  Charles Leigh-Pemberton - Corporate Broking 
 Stockdale Securities                             Tel: [phone] 
  Robert Finlay / Richard Johnson - Corporate      6100 
  Finance 
  Henry Willcocks - Corporate Broking 
 

About PCF Group plc (www.pcf.bank)

Established in 1994, PCF Group plc is the AIM-listed parent of specialist bank, PCF Bank Limited. Since becoming a bank in 2016, the Group has the capability to increase its lending portfolio significantly, with an initial portfolio target of GBP350 million, growing to GBP750 million by September 2022. The Group will retain its focus on portfolio quality, lending increasingly to the prime segment of its existing finance markets. The Group has also recently diversified its lending products and asset classes through acquisition and by setting up new organic operations.

PCF Bank currently offers retail savings products for individuals and then deploys those funds through its four lending divisions:

   --      Business Finance which provides finance for vehicles, plant and equipment to SMEs; 
   --      Consumer Finance which provides finance for motor vehicles to consumers; 
   --      Azule Limited which provides finance to the broadcast and media industry; and 

-- Bridging Property Finance which provides loans to companies and sole traders investing in residential property

The Group has a track record of strong financial performance and an efficient and scalable business model, with significant room to grow. Utilising its technology platform, the Bank provides both depositors and borrowers with a high level of service and a straightforward, simple range of products tailored to suit their needs.

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April 05, 2019 09:44 ET (13:44 GMT)