Morses Club withdraws plans for new structure and holding company
Morses Club
0.21p
16:50 10/02/23
Non-standard financial service provider Morses Club updated investors in recent events on Friday, reporting that after an ongoing review of proposals for the reorganisation of its business and corporate structure to introduce a new holding company, U Money, it had decided not to proceed with the process.
FTSE AIM All-Share
729.38
16:54 14/11/24
The AIM-traded firm said that as a result, it had withdrawn further activity to effect the members' scheme of arrangement announced on 13 August.
Morses Club and Shelby Finance would continue to operate as separate divisions, and the decision would have “no direct impact” on customers or the operating structure of the group.
“The decision was taken after it became apparent that there was no certainty that the work required to complete the process could be achieved within the remaining timescales which had already been extended from the original date of 12 October,” the board explained in its statement.
“On this basis, the board has determined that it is now not possible to meet the long-stop date of 31 December.”
Further funding arrangements for the group had now been confirmed until 31 March 2023, and the business was trading in line with expectations, with continued “strong” customer demand for credit products in both trading divisions reported.
At 1450 GMT, shares in Morses Club were down 2.11% at 55.8p.