REG - Non-Standard Fin - Notice of Delisting

Non-Standard FinanceAnnouncement

10/07/2023 07:00

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RNS Number : 3684F  Non-Standard Finance PLC  10 July 2023

Non-Standard Finance plc

('Non-Standard Finance', 'NSF' or the 'Company')

Completion of Alternative Transaction and Scheme

&

Notice of Delisting

10 July 2023:

·      NSF announces that the Alternative Transaction has completed.

·      Following the appointment of fixed charge receivers in respect of
the shares in NSF Finco Limited, the Group's business has been transferred to
a newly-incorporated company owned by the Group's secured lenders.  In
exchange for this, the secured lenders have released £70 million of their
secured debt and provided £40 million of additional liquidity.

·      With part of this new funding having been paid into the Scheme
Fund, the Scheme has become effective.  The Scheme provides certainty on the
extent of the Group's liability for historical redress claims, while allowing
for the partial payment of those claims.

·      NSF confirms that it is business as usual for the Group's
customers and employees.

·      Together, the Alternative Transaction and the Scheme will secure
the future of the Everyday Loans business and allow it to pursue its growth
plans providing an invaluable service for its customers.

Jono Gillespie, Group Chief Executive, said:

"We are delighted that the future of the Everyday Loans business is secure.
We can now look to the future with a strong financial platform to grow the
business in line with our plans.  We are very grateful for the support we
have received along the way, particularly from the customers and employees of
the Everyday Loans business who have stuck with us during a difficult period."

As previously announced, following implementation of the Alternative
Transaction, the Company no longer has any interest in the Group's business,
meaning that there will not be any recovery for the Company's shareholders.

NSF continues to progress an orderly winddown of the Company.  To facilitate
this process, NSF has requested (i) the FCA to cancel the listing of the
Company's ordinary shares (the "Shares") on the standard segment of the
Official List of the FCA, and (ii) the London Stock Exchange (the "LSE") to
cancel the admission to trading of the Shares on the Main Market for listed
securities of the LSE (the "Delisting").  It is intended that the Delisting
will become effective from 08:00 a.m. (London time) on 8 August 2023.

The Company will provide an update to shareholders in due course regarding the
orderly winddown. Shareholders do not need to take any action at this time.

Unless otherwise defined, capitalised terms within this announcement shall
have the same meaning as those contained within NSF's announcement dated 17
March 2023.

 

 For more information:

 Non-Standard Finance plc                        +44 203 869 9020

 Jono Gillespie, Group Chief Executive Officer

 Sarah Day, Chief ESG Officer and Company

 Secretary

 Cenkos Securities plc                           +44 207 397 8900

 Ben Jeynes

 Callum Davidson

 H/Advisors Maitland                             +44 207 379 5151

 Neil Bennett                                    +44 7900 000777

 Finlay Donaldson                                +44 7341 788066

 

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