15th Jun 2021 16:00
Non-Standard Finance PLC - subprime lender - Is continuing with work for a "substantial equity capital raise" which is expected to be in the region of GBP80 million, taking the form of a placing and open offer.
However, capital raise depends on reaching a conclusion to the discussions with the Financial Conduct Authority concerning the proposed redress methodology for customers of Non-Standard's Guarantor Loans division.
As a result, company is expecting the fund raise to take place in the third quarter of 2021.
In addition since late February, Non-Standard Finance has seen month-on-month growth in lending at branch-based lending and home credit, meaning that net receivables for both businesses are returning to growth due to low impairments.
Non-Standard Finance will publish its annual results on June 30.
Current stock price: 4.43 pence, down 15% on Tuesday
Year-to-date change: up 39%
By Dayo Laniyan; [email protected]
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