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Monday 15 April, 2019

Takeover Panel

Offer timetable extended

RNS Number : 2328W
Takeover Panel
15 April 2019


offer by

non-standard finance plc ("NSF")


provident financial plc ("PF")

Offer timetable extended

Rule 31.9 of the Code requires that all material new information should ordinarily be announced by the offeree company by the 39th day following the publication of the offer document. Normally, therefore, the last day for announcement by PF of material new information in the context of the offer by NSF (the "Offer") would be Wednesday, 17 April 2019. NSF is currently engaged in pre-notification discussions with the Competition and Markets Authority ("CMA") and it is expected that the decision on whether there will be a reference of the Offer to the chair of the CMA will not have been announced by that date.

In these circumstances, pursuant to Note 5 on Rule 31.6, and in accordance with established Panel practice, the Executive has ruled that "Day 39" will be extended to the second day after the announcement of that decision.

"Day 46" (the last date for publication of a revised offer) and "Day 60" (the date by which an offer must become or be declared unconditional as to acceptances) will also be extended accordingly. The first closing date of the Offer (8 May 2019) will not be affected by this extension.

Each of the parties has accepted the Executive's ruling.

15 April 2019

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