Provident Financial Share Discussion Threads

[richardbrook1] 08/5/2019 07:09

In the times this morning

The doorstep lender trying to fend off a £1.2 billion hostile takeover received a significant boost after one of its biggest shareholders spurned the bid and criticised investors backing the deal.

Schroders, the third largest shareholder in Provident Financial with a 14.6 per cent stake, yesterday became the first investor to publicly reject an all-share offer from Non-Standard Finance, a smaller sub-prime lender. Its opposition means that Non-Standard Finance now cannot fulfil its target of securing the backing of investors owning at least 90 per cent of Provident’s shares, although it could lower its acceptance threshold.

[rimau1] 03/5/2019 08:13

Encouraging trading update, key metrics all heading in the right direction and new product initiatives being rolled out. This is the bottom thanks to the low ball offer from NCF. Nothing like a low ball opportunistic approach to get A little proactivity from mgt. Massive upside here, happy new shareholder thanks to NCF!

[smurfy2001] 06/4/2019 22:41

When will pay a dividend?
It seems to have rested back to where it was before the buy offer!

[patientcapital] 25/3/2019 08:25

Or not as the case may be...

[patientcapital] 13/3/2019 09:19

Back on the dividend list, nominally. NSF might need to top up its paper offer.

[patientcapital] 08/3/2019 07:26

Not bad either. Dividend up 18%.

[patientcapital] 07/3/2019 21:42

NSF is releasing its results tomorrow, early.

[gregsc] 06/3/2019 10:24

The Provvy board can protest all they like, it's the shareholders who have the power to say yes or no to NSF or any other white knight. They should be careful what they wish for.

[patientcapital] 05/3/2019 22:26

Doubtless in the guise of a white night.

[richardbrook1] 05/3/2019 22:16

Article in the times tonight suggest others could join in the fight for Provident. NewDay, Amigo Loans and Capital One are mentioned

[grahamg8] 01/3/2019 16:57

Woodford sold shares in NSF and PFG. It is the holding in NSF that has fallen below 50%. The combined holding of Woodford, Invesco and Marathon in PFG is still at 51.9%

[richardbrook1] 01/3/2019 04:50

In the times this morning:

Shareholders backing a bid for Provident Financial from its rival Non-Standard Finance have fallen below 50 per cent after Neil Woodford cut his holding in Provident.

Woodford Investment Management disclosed to the stock exchange yesterday that it had sold 1.5 million shares in Provident. The sale slightly reduces the percentage of shareholdings backing NSF’s hostile bid from 50 per cent to 49.41 per cent.

Meanwhile, Schroders has increased its shareholding in Provident from 12.36 per cent to 13.75 per cent.

John Cronin, analyst at Goodbody, said Schroders’ decision to increase its holding in Provident was “interesting”.

“We think this is likely to be a message that Schroders supports NSF’s firm offer,” Mr Cronin said.

[gregsc] 26/2/2019 16:52

An aggressive move to take over the country's leading sub-prime lender Provident Financial has been frozen by the competition watchdog as it considers an investigation into the move.

The Competition and Markets Authority has issued an indefinite 'enforcement order' which demands that Non-Standard Finances makes no further move to merge with Provident.

Maybe one of the Provvy's directors knows someone on the competition authority.

[grahamg8] 26/2/2019 16:52

Sorry Invictus "PFG" don't get to choose the take out price. The shareholders do. And according to NSF it's all done and dusted. IF a rival bidder can be teased out then the price could be driven up. Try to be too greedy and NSF will simply walk away and the PFG share price will drop like a stone. It isn't exactly clear what the NSF shareholders get out of this, so the biggest hurdle might be getting them to agree to the deal at the current offer price.

[lnvictus] 26/2/2019 15:52

Best years of asset stripping long gone
PFG should accept say 25% of its best price of £32 I.E £7.10 + last divi
IMO DYOR

[paddyfool] 25/2/2019 14:09

They cannot name a price

[patientcapital] 25/2/2019 14:05

Now 50p or so ahead of the NSF scrip offer value. A rather feeble statement this morning. Fortunately JvK to the rescue.... or a white knight perhaps... or whatever colour is pc these days.

[wad collector] 25/2/2019 13:29

I was amused that the PFG board accuse the NSF board of being "opportunistic". Is that not what decent management should be doing?

[dekle] 25/2/2019 12:31

Delaying results does allow for reporting more on the current situation. Showing further improvement?

[jonwig] 25/2/2019 10:37

dex - if they can tease out another bidder, they will open the books to that bidder, who will be able to see the numbers before everyone else. They'd have to give NSF equal access, but it might set off an auction.

It's desperate, but probably all they have in their locker, given Woodford and Invesco's holdings.