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Provident Financial debt has become interesting

Gilts, bonds, and interest-bearing shares
UncleEbenezer
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Re: Provident Financial debt has become interesting

#128930

Postby UncleEbenezer » March 29th, 2018, 11:51 pm

hiriskpaul wrote:Some unwelcome news - "Lawyers acting for Aberdeen Standard Investments, a top ten shareholder in Provident, are seeking compensation for losses due to the subprime lender's failure to disclose details of the UK Financial Conduct Authority investigation into its Vanquis Bank subsidiary, according to the newspaper."
.

So if Aberdeen were successful, who would pay compensation? Would it be anyone other than Provident Financial shareholders compensating Provident Financial shareholders?

hiriskpaul
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Re: Provident Financial debt has become interesting

#128998

Postby hiriskpaul » March 30th, 2018, 1:21 pm

UncleEbenezer wrote:
hiriskpaul wrote:Some unwelcome news - "Lawyers acting for Aberdeen Standard Investments, a top ten shareholder in Provident, are seeking compensation for losses due to the subprime lender's failure to disclose details of the UK Financial Conduct Authority investigation into its Vanquis Bank subsidiary, according to the newspaper."
.

So if Aberdeen were successful, who would pay compensation? Would it be anyone other than Provident Financial shareholders compensating Provident Financial shareholders?

If successful, Woodford, Invesco and other institutional holders will also want compensation. Private shareholders may end up footing the bill as they cannot afford to take PFG to court.

Maybe PFG will need another rights issue in order to compensate shareholders ;).

The only winners will be the lawyers.

hiriskpaul
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Re: Provident Financial debt has become interesting

#137907

Postby hiriskpaul » May 9th, 2018, 8:32 pm

Good statement today: https://www.investegate.co.uk/provident ... 00084272N/

Bonds and shares all up.

hiriskpaul
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Re: Provident Financial debt has become interesting

#141008

Postby hiriskpaul » May 24th, 2018, 4:03 pm

New senior unsecured issue £250m, 7%, 5 year term:

http://www.londonstockexchange.com/exch ... 52818.html

Allocation preference is being given to holders of the 8% 2019s as part of the tender offer. If I still held the 2019s I would take up the tender offer and subscribe for the new 7% issue. Sold mine unfortunately, but I see this as positive for the existing retail bonds as it removes a potential funding headache next year.

hiriskpaul
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Re: Provident Financial debt has become interesting

#220219

Postby hiriskpaul » May 8th, 2019, 5:12 pm

I have paid very little attention to the Provident takeover as it does nothing for bondholders, but I thought this was an interesting read:

Schroders backs Provident Financial in hostile takeover battle

https://www.ft.com/content/4c9aa0e6-70e ... 68069fbd15

I was hoping that a larger company with a bit more capital would launch a counter bid, but does not look as though that is going to happen. If the takeover fails, I just hope the Provident don't waste more management time on a bid for NSF!

Here is the letter: https://www.londonstockexchange.com/exc ... 65663.html

hiriskpaul
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Re: Provident Financial debt has become interesting

#262816

Postby hiriskpaul » November 7th, 2019, 3:48 pm



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