TIDMMCL
RNS Number : 1828L
Morses Club PLC
08 September 2021
8 September 2021
Morses Club PLC
Result of Court Meeting and General Meeting
Morses Club PLC ("Morses Club"), an established provider of
non-standard financial services, announced on 13 August 2021
proposals to introduce, by means of a members' scheme of
arrangement under Part 26 of the Companies Act 2006 (the "Members'
Scheme"), a new holding company for the group, U Money PLC ("U
Money").
Two meetings of Morses Club were held today at Suite 2.01, One
City West, Gelderd Road, Leeds, LS12 6NJ in connection with the
Members' Scheme and other related matters. The first meeting was a
meeting convened by an order of the Court made on 12 August 2021 to
approve the Members' Scheme. The second meeting was a general
meeting of the Company called to approve certain matters in
relation to the Members' Scheme.
Morses Club today announces that the Members' Scheme was duly
approved by shareholders by a requisite majority on a poll at the
court convened meeting. The total number of votes cast for the
Members' Scheme is set out in the table below:
No. of shareholders % of shareholders No. of ordinary % of ordinary % of issued
voting voting shares voted shares voted ordinary
shares
FOR 40 90.91 100,174,151 99.94 74.96
-------------------- ------------------ ---------------- -------------- ------------
AGAINST 4 9.09 57,431 0.06 0.04
-------------------- ------------------ ---------------- -------------- ------------
Morses Club also announces that the total number of votes cast
for each resolution at the general meeting of the Company is as set
out in the table below. Morses Club's issued share capital as at
today is 133,632,790 and the number of votes per share is one.
Resolution FOR no. % of AGAINST no. % of Total votes WITHHELD
of votes vote of votes vote no. of
votes
1 98,328,905 99.94 58,820 0.06 98,396,003 8,278
----------- ------ ------------ ------ ------------ ---------
2 98,343,905 99.96 43,820 0.04 98,396,003 8,278
----------- ------ ------------ ------ ------------ ---------
The Company updated at the meeting that the timeline may be
subject to change, and further updates will be provided in due
course.
Ends
For further information please contact:
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Graeme Campbell, Chief Financial Officer
Peel Hunt (Nomad) Tel: +44 (0) 20 7418
Andrew Buchanan / James Britton / Rishi 8900
Shah / Duncan Littlejohns (Investment Banking
Division)
Camarco Tel: +44 (0) 20 3757
Jennifer Renwick / Jake Thomas 4994
Notes to Editors
About Morses Club
Morses Club is an established provider of non-standard financial
services in the UK. The Group consists of Morses Club, the UK's
second largest home collected credit ("HCC") provider, and Shelby
Finance Limited, Morses Club's Digital division, which operates
under two online brands, Dot Dot Loans, an online lending provider,
and U Account, which offers online e-money current accounts. The
Group's growing Digital capabilities and scalable, highly invested
IT platform has enabled Morses Club to deliver an increasingly
broad range of financial products and services to the non-standard
credit market.
UK HCC is considered to be a specialised segment of the broader
UK non-standard credit market. UK HCC loans are typically small,
unsecured cash loans delivered directly to customers' homes.
Repayments are collected in person during weekly follow-up visits
to customers' homes.
Morses Club's HCC division is the second largest UK Home
Collected Credit (HCC) lender with 151,000 customers throughout the
UK. The majority of the Company's customers are repeat borrowers
and the HCC division enjoys consistently high customer satisfaction
scores of 98% (2) . In 2016, the Morses Club Card, a cashless
lending product, was introduced and in 2019 the Company introduced
an online customer portal for its HCC customers, which now has over
107,000 registered customers.
The Group's growing Digital division, Shelby Finance, operates
under two online brands. Dot Dot Loans provides online instalment
loans of up to 48 months to c. 23,000 active customers. U Account
is a leading digital current account provider offering an
alternative to traditional banking by providing a fully functional
agency banking service. U Account currently has c. 6,000
customers.
Morses Club listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset,
consists of both secured and unsecured lending and is estimated to
comprise around 10 million consumers (3) and total loan receivables
of GBP10.7bn (4) .
Non-standard credit is the provision of secured and unsecured
credit to consumers other than through mainstream lenders. Lenders
providing non-standard credit principally lend on an unsecured
basis and the market is characterised by high frequency borrowing.
Approximately 2 million people move annually between standard and
non-standard markets (4) .
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP225 billion in February 2020. It has since
contracted to GBP197 billion in March 2021(5) .
(1 High Cost Credit Review ANNEX 1 - July 2017 2 Independent
Customer Satisfaction Survey conducted by Mustard 3 FCA High Cost
Credit Review Technical Annex 1: CRA data analysis of UK personal
debt - July 2017 4 Apex Insight - Non-Prime Consumer Credit: UK
Market Insight Report - September 2019 5 Table A5.2, Bank of
England Money and Credit Bank stats March 2021)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ROMUPUCUBUPGGMR
(END) Dow Jones Newswires
September 08, 2021 13:07 ET (17:07 GMT)
Morses Club (LSE:MCL)
Historical Stock Chart
From Apr 2024 to May 2024
Morses Club (LSE:MCL)
Historical Stock Chart
From May 2023 to May 2024