View more on these topics

Provident urges shareholders not to respond to takeover offer

Woodford-backed sub-prime lender Provident Financial has asked shareholders not to take action after receiving a takeover bid this morning.

Fellow alternative lender Non-Standard Finance has bid £1.3bn for the struggling firm, and has secured “irrevocable undertakings” to accept the offer from shareholders accounting for at least 50 per cent of the company, including Woodford, NSF said this morning.

In an announcement to the stock exchange, Provident has said it intends to respond to the offer at a later date and investors should take no action for now.

The update reads: “The board of Provident notes the unsolicited offer for Provident announced this morning by NSF.

“The board’s considered response to the offer will be announced in due course. In the meantime, shareholders are strongly advised to take no action in respect of the NSF offer.”

The note also reveals that Barclays is acting as corporate broker and financial adviser for Provident, while  J.P. Morgan Cazenove is acting as another financial adviser.

Provident fell out of the FTSE 100 in 2017 after a turbulent fortnight that saw the firm issue a profit warning and its chief executive resign.


HSBC faces legal action from 400 investors over film tax scheme

Law firm Edwin Coe has commenced litigation on behalf of 400 investors against HSBC over its role in facilitating the operation of the Disney film financing investment scheme known as Eclipse. Money Marketing first reported that affected investors including celebrities and football managers were eyeing up a landmark legal challenge 18 months ago. The legal […]


Unbiased investigates ‘adviser phishing’ scam

Unbiased is investigating a potential scam which uses its directory service to target financial advisers to steal their data. The emails have been sent to advisers through Unbiased, in an apparent phishing scam. Informed Choice managing director Martin Bamford says IFAs have been approached by a supposed prospective client who sends advisers a link to […]

Simple yet sophisticated: the benefits of DFM investing

Nick Georgiadis, Head of DFM at Cazenove Capital, describes the benefits of a discretionary approach to investing — it enables advisers to escape the burden of research, provides a more sophisticated investment solution and, most importantly, helps meet return objectives of clients with the lowest possible risk. He also explains how to overcome the challenges […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm