14th May 2019 18:17
LONDON (Alliance News) - Provident Financial PLC on Tuesday narrowed its estimate for the cost and expense of Non-Standard Finance PLC's hostile takeover attempt.
The two credit lenders have been bickering since the the GB1.3 billion hostile offer was launched in March. Indeed, on Monday this week, Non-Standard Finance said it was in the last stages of discussions with the UK Competition & Markets Authority as it prepared to make a filing.
Provident now expects its total fees and expenses will be between GBP19.0 million and GBP21.0 million. Its previous estimate was for expenses and fees of between GBP17.3 million and GBP22.0 million.
Within this, financial and corporate brokering advice is likely to be between GBP13.9 million and GBP14.1 million while accounting advice is likely to be GBP400,000 due to the need for more forensic accounting advice. Other professional services are expected to cost around GBP400,000.
Shares in Provident closed up 0.2% at 480.87 pence on Tuesday. Non-Standard Finance shares close down 1.2% at 49.00p.
Related Shares:
PFG.LNSF.L