3 September 2021
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 2018 under the Deferred Share Plan ("DSP"), which vested on 19 August 2021, the Company has been notified that the following Directors/Persons Discharging Managerial Responsibilities (PDMRs) of the Company exercised their options and sold Shares (in part to satisfy their Income Tax and National Insurance liabilities) on 2 September 2021 as follows:
| PDMR | Number of Shares awarded under DSP | Number of Shares exercised | Number of Shares sold to satisfy Income Tax and NICs liability | Number of additional Shares sold | Total number of Shares sold | Net number of Shares retained |
| Paul Smith | 246,150 | 246,150 | 118,152 | 0 | 118,152 | 127,998 |
| Thomas Andrew Thomson | 188,757 | 188,757 | 90,603 | 0 | 90,603 | 98,154 |
| Tracey Mulligan | 128,507 | 128,507 | 61,683 | 0 | 61,683 | 66,824 |
| Ian Cooper | 149,200 | 149,200 | 71,616 | 77,584 | 149,200 | 0 |
This announcement is made in accordance with the requirements of the UK 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
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Paul Smith | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR, Chief Executive Officer | |
| 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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Plan (ii) Sale of ordinary shares of 1 pence each | |
| c) | Currency | GBP | |
| d) | Price(s) and volume(s) | (i) Exercise of options: | |
| nil | 246,150 shares | ||
| (ii) Sale of shares: | |||
| 73.75 pence | 118,152 shares | ||
| | |||
| e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
| f) | Date of the transaction | (i) 2 September 2021 (ii) 2 September 2021 | |
| g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Thomas Andrew Thomson | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR, Non-Executive 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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Plan (ii) Sale of ordinary shares of 1 pence each | |
| c) | Currency | GBP | |
| d) | Price(s) and volume(s) | (i) Exercise of options: | |
| nil | 188,757 shares | ||
| (ii) Sale of shares: | |||
| 73.75 pence | 90,603 shares | ||
| | |||
| e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
| f) | Date of the transaction | (i) 2 September 2021 (ii) 2 September 2021 | |
| g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name | Tracey Mulligan | | |
| 2 | Reason for the notification | |||
| a) | Position/status | PDMR | | |
| 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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Plan (ii) Sale of ordinary shares of 1 pence each | | |
| c) | Currency | GBP | | |
| d) | Price(s) and volume(s) | (i) Exercise of options: | | |
| nil | 128,507 shares | | ||
| (ii) Sale of shares: | | |||
| 73.75 pence | 61,683 shares | | ||
| | | |||
| e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | | |
| f) | Date of the transaction | (i) 2 September 2021 (ii) 2 September 2021 | | |
| g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Ian Cooper | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR | |
| 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 | (i) Exercise of options over ordinary shares of 1 pence each under the Morses Club PLC Deferred Share Plan (ii) Sale of ordinary shares of 1 pence each | |
| c) | Currency | GBP | |
| d) | Price(s) and volume(s) | (i) Exercise of options: | |
| nil | 149,200 shares | ||
| (ii) Sale of shares: | |||
| 73.75 pence | 149,200 shares | ||
| | |||
| e) | Aggregated information - Aggregated volume - Price | (i) NA (ii) NA | |
| f) | Date of the transaction | (i) 2 September 2021 (ii) 2 September 2021 | |
| g) | Place of the transaction | (i) Outside of a trading venue (ii) London Stock Exchange, AIM | |
As at 2 September 2021, Paul Smith is the beneficial owner of 707,072 Shares and Thomas Andrew Thomson is the beneficial owner of 3,327,845 Shares.
For further information please contact:
| Morses Club PLC | Tel: +44 (0) 330 045 0719 |
| Peel Hunt (Nominated Adviser) Rishi Shah Duncan Littlejohns Jasmine Kanish (Investment Banking Division)
| Tel: +44 (0) 20 7418 8900 |
| Camarco Jake Thomas
| 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 second largest 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 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 £197 billion in March 20215.
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
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