Brief: Non-Standard Finance Says Proposed Recapitalisation To Involve Raising About £95 Mln

Non-Standard Finance

17/03/2023 07:23

March 17 (Reuters) - Non-Standard Finance PLC  NSF.L :
    * NON-STANDARD FINANCE PLC - LAUNCH OF SCHEME OF ARRANGEMENT
('SCHEME') AND UPDATE ON PROPOSED RECAPITALISATION
    * NON-STANDARD FINANCE PLC -  UNDER SCHEME, £14 MILLION WILL
BE
MADE AVAILABLE FOR PAYMENT TO CUSTOMERS WITH VALID REDRESS
CLAIMS AND FOS
    * NON-STANDARD FINANCE PLC - FCA HAS RESERVED ITS POSITION
ON
OPERATION OF SCHEME UNTIL IT HAS COMPLETED ITS ASSESSMENT OF
PROPOSALS
    * NON-STANDARD FINANCE - NEGOTIATED FINANCIAL TERMS WITH
COMMITTEE
OF CUSTOMERS, WHICH DECIDED THAT IT PREFERRED SCHEME OVER AN
INSOLVENCY PROCESS
    * NON-STANDARD FINANCE PLC - SCHEME CREDITORS ARE ESTIMATED
TO
RECEIVE BETWEEN APPROXIMATELY 22% AND 28% RECOVERY
    * NON-STANDARD FINANCE PLC -  PROPOSED RECAPITALISATION WILL
INVOLVE NSF RAISING GROSS PROCEEDS OF APPROXIMATELY £95 MILLION
THROUGH A PUBLIC EQUITY RAISE
    * NON-STANDARD FINANCE - INTENTION IS FOR PROPOSED
RECAPITALISATION TO BE IMPLEMENTED SHORTLY FOLLOWING COURT
SANCTION OF SCHEME
    * NON-STANDARD FINANCE PLC - PROPOSED RECAPITALISATION TO
COMPLETE
AT END OF Q2 2023 OR START OF Q3 2023
    * NON-STANDARD FINANCE: PROPOSED RECAPITALISATION WILL
MATERIALLY
DILUTE INTERESTS OF STAKEHOLDERS, UNLESS THEY CHOOSE TO
PARTICIPATE IN EQUITY RAISE
    * NON-STANDARD FINANCE: ALSO TO IMPLEMENT ALTERNATIVE
TRANSACTION
IF SCHEME IS SANCTIONED BUT CONDITIONS TO PROPOSED
RECAPITALISATION ARE NOT MET
    * NON-STANDARD FINANCE: ALTERNATIVE TRANSACTION TO INVOLVE
TRANSFER OF OWNERSHIP TO LENDERS IN RETURN FOR PART DEBT &
PROVISION OF NEW LENDING FACILITY
    * NON-STANDARD FINANCE : PART OF PROCEEDS FROM THIS NEW
LENDING
FACILITY WOULD BE USED TO FUND SCHEME FUND & COVER COSTS OF THIS
SCHEME
    * NON-STANDARD FINANCE PLC - UNDER ALTERNATIVE TRANSACTION,
THERE
WOULD BE NO RECOVERY FOR COMPANY'S SHAREHOLDERS
    * NON-STANDARD FINANCE:  IF SCHEME SANCTION,
RECAPITALISATION &
ALTERNATIVE TRANSACTION FAIL, GROUP WOULD REMAIN INSOLVENT
    * NON-STANDARD FINANCE : COMPANY AND ITS ADVISERS EXPLORING
CANCELLATION OF NSF'S LISTING ON MAIN MARKET OF LONDON STOCK
EXCHANGE

Source text for Eikon:  ID:nRSQ2883Ta 
Further company coverage:  NSF.L 

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