Board Changes

10th January 2022

PCF Group plc

("PCF", the "Bank" or the "Group")

Board Changes

As announced on the 23 December 2021, the board of directors (the Board) has been focused on a search process to identify candidates for the roles of a new Chairperson as part of planned board succession and a Senior Independent Director (SID).

This process is now complete, and the Board is pleased to announce the appointment of Simon Moore and Mark Sismey-Durrant as non-executive directors to the Board with effect from 9 January 2022. 

Subject to regulatory approvals, Simon Moore will take up the role of the Chair of the Board and Board Nominations Committee and Mark Sismey-Durrant will take up the role of Senior Independent Director and Interim -Chair of the Board Risk Committee.

Simon Moore has extensive regulatory and financial services experience in consumer, SME, and corporate banking together with regulatory and general financial services experience from his roles in Cambridge & Counties Bank, Barclays Bank and Chase Manhattan Bank. In addition, he was a member of the management board of the Confederation of British Industry (CBI). He is currently the Chair of Cambridge & Counties Bank and RCI Bank UK.

Mark Sismey-Durrant has over 40 years' experience in banking with a particular focus on specialist challenger banking, having been CEO of three such banks over a period spanning 23 years - Sun Bank Plc, Heritable Bank Plc and, most recently, Hampshire Trust Bank. He is currently also Chair of fintech Cashplus Bank. 

Garry Stran, Interim Chief Executive Officer, commenting on the changes said "I would like to welcome Simon and Mark to the Board who I know will bring a new perspective and fresh ideas as we complete the resolution of historical issues and develop the future strategy for the Group'.

"Both Simon and Mark's experiences within the banking sector will prove invaluable to the Board as we look forward to the exciting challenges and opportunities for PCF Bank in 2022 and beyond".

Following the implementation of these appointments, as previously announced, Tim Franklin will step down as a director and Chairperson (and in any event will do so by 31 January 2022) at which time the Board will then comprise the following Directors:

Simon Moore, Independent Non- executive / Chair designate

Mark Sismey-Durrant, Independent Non-executive / Senior Independent Director designate

Mark Brown, Non-executive

Christine Higgins, Independent Non-executive

David Morgan, Non-executive

David Titmuss, Independent Non-executive

Garry Stran, Interim Chief Executive Officer

Caroline Richardson, Chief Financial Officer

PCF's shares remain suspended from trading.

Additional Information

Mark Sismey-Durrant

In accordance with Schedule 2(g) of the AIM Rules, Mark Sismey-Durrant, aged 62, holds or has held in the past 5 years the following directorships:

The following disclosures are made as required under sections (v) to (vii) paragraph (g) of Schedule 2 of the AIM Rules for Companies in connection with Mark Sismey-Durrant's directorship at Heritable Bank plc:

Mr Sismey-Durrant was appointed as a director of Heritable Bank plc, a wholly owned subsidiary of Landsbanki Islands hf, from September 2002 to February 2011. During 2008, Landsbanki was put into receivership, which forced Heritable Bank plc and its subsidiaries, namely Heritable Capital Partners Limited, Heritable Asset Finance Limited, Key Business Finance Corporation plc, and Key Business Finance Limited into administration. Mr Sismey-Durrant was also director of Landsbanki Guernsey Limited which was placed into administration at the same time as the aforementioned companies.

There is no further information required to be disclosed in respect of the above appointment pursuant to Rule 17 and Schedule 2 (g) of the AIM Rules for Companies.

Simon Moore

In accordance with Schedule 2(g) of the AIM Rules, Simon Moore, aged 56, holds or has held in the past 5 years the following directorships:

There is no further information required to be disclosed in respect of the above appointment pursuant to Rule 17 and Schedule 2 (g) of the AIM Rules for Companies.

End

For further information, please visit https://pcf.bank/ or contact:

About PCF Group plc (www.pcf.bank)

Established in 1994, PCF Group plc is the AIM-quoted parent of the specialist bank, PCF Bank Limited. Since commencing operations as a bank in 2017. The Group continues to focus on portfolio quality and lending to the prime segments of its existing markets. The Group will continue to identify opportunities to diversify its lending products and asset classes by setting up new organic operations or through acquisition.

PCF Bank currently offers retail savings products for individuals and then deploys those funds through its four lending divisions:

• Business asset finance which provides finance for vehicles, plant and equipment to SMEs;

• Consumer motor finance which provides finance for motor vehicles to consumers;

• Azule which brokers finance to the broadcast and media industry; and

• Property bridging finance which provides loans to companies and sole traders investing in residential and commercial property.