Vanquis Banking Group (formerly: Provident Financial Plc)

Legal Proceedings Report • Nov 29, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 2092V

Provident Financial PLC

29 November 2019

Provident Financial plc

29 November 2019

Director Declaration

In accordance with LR 9.6.14(1), Provident Financial plc (the Company) notifies the market that since the announcement made by the Company on 25 March 2019 disclosing Robert East's directorship of Welcome Financial Services Limited (Welcome), a notice has been issued on 25 November 2019 to the creditors of Welcome of a Deemed Consent Procedure regarding the nomination of a liquidator to Welcome in relation to the commencement of a creditor voluntary liquidation (the Notice). As stated in the Notice, the date the resolution to wind-up Welcome is to be considered is on 16 December 2019.

As disclosed in the announcement made by the Company on 25 March 2019, Welcome had implemented a creditor scheme of arrangement with certain of its creditors (the Scheme) as part of a wider group restructuring of its financial obligations in 2011 - which became effective on 2 March 2011.  Since then, Welcome has complied with the terms of the Scheme and wound down its business (including by completing the sale and collect-out of parts of its loan book). As a result of taking those steps, the directors of Welcome recently concluded that the next and final phase of the restructuring was for Welcome to enter liquidation.

Enquiries:
Media
Richard King, Provident Financial	01274351900
Investor Relations
Gary Thompson/Vicki Turner, Provident Financial	01274 351900
investors@providentfinancial.com

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 rns@lseg.com or visit www.rns.com.

END

RDNPGGPPGUPBGAB