Source - LSE Regulatory
RNS Number : 2286J
Morses Club PLC
18 December 2020
 

18 December 2020

Morses Club PLC

Director/PDMR Shareholding

 

Morses Club PLC ("Morses Club" or the "Company"), an established provider of non-standard financial services, announces that on 18 December 2020, Sir Nigel Knowles, Senior Independent Director of Morses Club, purchased 20,000 ordinary shares of 1 pence each in the Company ("Ordinary shares") at a price of 45.8079p.

 

Following this transaction, Mr Knowles owns 55,148 shares in Morses Club, which represents 0.04% of the Company's issued share capital.

 

DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Sir Nigel Knowles

2

Reason for the notification

a)

Position/status

Senior Independent Director

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Morses Club PLC

b)

Legal Entity Identifier

2138009PVBE5FDT58R09

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 1 pence each

GB00BZ6C4F71

b)

Nature of the transaction

Purchase of Ordinary shares

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Price

Volume

45.8079 pence

20,000 shares

 

e)

Aggregated information

- Aggregated volume

- Price

 

 

20,000 Ordinary shares

 

45.8079 pence per Ordinary share

f)

Date of the transaction

18 December 2020

g)

Place of the transaction

AIM

 

 

For further information please contact:

Morses Club PLC                                             
Paul Smith, Chief Executive Officer
Andy Thomson, Interim Chief Financial Officer

Tel: +44 (0) 330 045 0719

Peel Hunt (Nomad)
Andrew Buchanan / James Britton / Rishi Shah / Duncan Littlejohns (Investment Banking Division)

 

Tel: +44 (0) 20 7418 8900

Camarco
Jennifer Renwick / Oliver Head

Tel: +44 (0) 20 3757 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. UK HCC is considered to be stable and well-established, with approximately 1.6 million1 people using the services of UK HCC lenders.

Morses Club's HCC division is the second largest UK Home Collected Credit (HCC) lender with 170,000 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 97%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 124,000 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. 20,000 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. 15,000 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 consumers3 and total loan receivables of £10.7bn4.

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 markets4.

Since February 2014, unsecured personal lending has grown from £161 billion to £225 billion in February 2020. It has since contracted to £206 billion in October 20205.

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 October 2020

Review ANNEX 1 - July 2017

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