The Lemon Fool

jimleigh wrote:... the NSF bid dead line looming next week 23/05/19 ...

jimleigh wrote:... with the NSF bid dead line looming next week 23/05/19, ...

Gengulphus wrote:

jimleigh wrote:... with the NSF bid dead line looming next week 23/05/19, ...

I have replied to this point in viewtopic.php?f=94&t=16402&p=223227#p223227, basically to say that that deadline is out of date (it's probably a broker deadline set before the timetable for the offer was extended and NSF made a commitment to giving 14 days notice of the offer closing). I've made the reply there, in the existing thread on Company Share News board, both because it's where most previous discussion of the offer has happened and because there's nothing HYP-specific about my reply.

As far as your HYP-specific question about what other HYPers are doing about it, my answer as a HYPer is "nothing" - but that's hardly surprising, because my HYPs include neither PFG nor NSF! ;-)

Gengulphus

The company said the decision to abandon the deal, which had secured the support of a slim majority of shareholders, came because the combined group would not have sufficient regulatory capital at completion due to the significant level of minority investors that would remain in Provident.

Consistent with the commitment at the time of the rights issue, the Board is proposing a nominal final dividend of 10.0p per share in respect of 2018 (2017: nil) which results in a dividend cover of 4.7 times (2017: nil). If approved at the AGM on 21 May 2019, this will be paid on 21 June 2019 to shareholders on the register on 24 May 2019.

As previously stated, the Board's dividend policy is to maintain a dividend cover of at least 1.4 times as the home credit business recovers and moves into profitability.

The Board has recently re-evaluated the timing of dividend payments. Accordingly, in respect of the 2019 financial year and thereafter, the Board intends to:
· Pay the interim dividend in September rather than in late November; and
· Pay the final dividend in late May rather than in late June.

The Provident Board notes the announcement by Non-Standard Finance plc ("NSF") that its unsolicited offer for Provident (the "Offer") has lapsed. The Provident Board believes this outcome to be in the best interests of Provident Shareholders and greatly regrets the unnecessary distraction, cost and impact of the uncertainty on Provident's customers and staff caused by NSF pursuing its extended hostile Offer.

Provident's standalone strategy is clear. As announced in the Trading Statement and Vision for the Future on 3rd May 2019, Provident intends to continue on its path of delivering the strategic initiatives already underway at Provident to generate attractive and sustainable returns for shareholders. Our focus is on providing customers with credit products appropriate for their circumstances, delivering good customer outcomes and generating sustainable shareholder returns. This will be achieved by: