{"id":119120,"date":"2019-04-18T02:00:13","date_gmt":"2019-04-18T02:00:13","guid":{"rendered":"https:\/\/www.bnreport.com\/provident-lashes-out-at-unlawful-nsf-payments-amid-takeover-dispute-3\/"},"modified":"2019-04-18T02:00:13","modified_gmt":"2019-04-18T02:00:13","slug":"provident-lashes-out-at-unlawful-nsf-payments-amid-takeover-dispute-3","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/provident-lashes-out-at-unlawful-nsf-payments-amid-takeover-dispute-3\/","title":{"rendered":"Provident lashes out at &#8216;unlawful&#8217; NSF payments amid takeover dispute"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/97463183-5cb58c78a7efa.jpg\"\/><\/p>\n<p>Sub-prime lender Provident has urged shareholders to take no action in relation to a \u00a31.3bn hostile takeover bid from Non-Standard Finance (NSF), as the chairman accused its rival of \u201cunlawful\u201d dividend distributions.<\/p>\n<p>NSF confirmed last week that some dividend payments since 2015 were \u201ctechnical infringements\u201d of the Companies Act, however, in a letter to investors Provident chairman Patrick Snowball claimed the transactions were unlawful.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/276233\/provident-financial-astonished-admissions-suitor-non\" rel=\"noreferrer noopener\" target=\"_blank\">Provident Financial &#039;astonished&#039; by suitor&#039;s admissions over past dividends<\/a><\/p>\n<p>Snowball said: \u201cThey were described by NSF as \u201ctechnical infringements\u201d but the simple fact and truth of the matter is that they were unlawful.<\/p>\n<p>\u201cThese unlawful distributions are a telling indictment of the competency of the NSF team and the weak oversight of their board and must call into question their ability to run a business some seven times larger than their own and one which includes a regulated bank.\u201d<\/p>\n<p>Snowball, who was appointed as chairman six months ago, also said that NSF has a \u201ctrack record of value destructive acquisitions\u201d and warned that the \u201ccoup\u201d could cost shareholders as much as \u00a340m in transaction fees.<\/p>\n<p>He said: \u201cShareholder, this is a poorly thought out transaction. We see no benefit to those invested in Provident who do not have a similar holding in NSF.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/276192\/provident-financial-blasts-non-standard-finance-over\" rel=\"noreferrer noopener\" target=\"_blank\">Provident Financial blasts Non-Standard Finan<\/a><a href=\"http:\/\/www.cityam.com\/276330\/sub-prime-lender-provident-financial-lashes-out-unlawful\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/loopup.com\/app\/uploads\/2016\/08\/cityam-logo.jpeg\"\/><\/p>\n<h5><a href=\"http:\/\/www.cityam.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">CityAM<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sub-prime lender Provident has urged shareholders to take no action in relation to a \u00a31.3bn hostile ..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-119120","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Provident lashes out at &#039;unlawful&#039; 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