Non-Standard Finance hits record low after scrapping equity raise plan

Non-Standard Finance

23/06/2023 09:02

** Shares of subprime lender Non-Standard Finance  NSF.L 
down as much as 43% at a record low of 0.0998p
    ** Co says will implement the alternative transaction plan
after scrapped its equity raise rescue plan, after its top
investor Alchemy had backed out from the equity raise
    ** Alternative transaction involving transfer of business to
secured lenders in exchange for release of a portion of their
secured debt and provision of a new lending facility
    ** Adds the new plan will wipe out shareholder value
    ** Most likely outcome for Non-Standard Finance Plc, as the
ultimate parent company of the Group, is an orderly winddown
following implementation of the alternative transaction- Co
    ** Says it has applied to the LSE to suspend its shares and
delist from the exchange
    ** As per last close stock down 65% YTD



 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))