27 January 2021

This announcement replaces the announcement that was issued that was issued at 11am on 25 January 2021 under RNS No 7823M. 8,000 shares were issued to Mr Mark Jakeman, not Mr Mark Jameson. The net number of shares retained by Ricky Essex is 0, not 10,000. All other information is unchanged. 

Morses Club PLC

Directors/PDMRs Dealings

Morses Club PLC ("Morses Club" or "the Company"), an established provider of non-standard financial services, announces that, further to the awards of nil cost options over 1p ordinary shares in the Company ("Shares") that were made on 5 May 2017 under the Deferred  Share Plan ("DSP"), which vested on 21 January 2021, the Company has been notified that the following Directors/Persons Discharging Managerial Responsibilities (PDMRs) of the Company exercised their options on 21 January 2021 and sold Shares (in part to satisfy their Income Tax and National Insurance liabilities) on 21 January 2021 as follows:

The Company announces that, further to the awards of options over Shares that were made on 19 October 2017 under the Unapproved Share Option Scheme, which also vested on 21 January 2021, the Company has been notified that the following Directors/Persons Discharging Managerial Responsibilities (PDMRs) of the Company exercised their options on 21 January 2021 and sold Shares (in part to satisfy their Income Tax and National Insurance liabilities) on 21 January 2021 as follows:

This announcement is made in accordance with the requirements of the EU Market Abuse Regulation. The notification of dealing forms can be found below.

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

For further information please contact:

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}