Inactive Instrument

Morses Club PLC

Equities

MCL

GB00BZ6C4F71

Morses Club proposes to delist to go private; has shareholder support

January 12, 2023 at 09:34 am EST

(Alliance News) - Morses Club PLC on Thursday announced it is set to wave goodbye to London's junior AIM market.

The Nottingham-based doorstep lender believes its "most likely" source of future funds will come from private capital. Its directors performed a review outlining the benefits and drawbacks of retaining an AIM listing.

Morses said a general meeting on the cancellation of its shares and re-listing as a private company will take place on February 3.

"Their belief that continued admission to trading on AIM no longer sufficiently provides the company with the advantage of providing access to capital in the medium to longer-term, nor, in the opinion of the directors, provides significant liquidity to investors," Morses said.

It said it has support from 51% of shareholders already for the delisting, which requires 75% support at least.

Morses shares fell 53% to 0.55 pence each on Thursday afternoon in London.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about Morses Club PLC

Morses Club PLC Reports Earnings Results for the Full Year Ended February 25, 2023	23-09-11	CI
Morses Club shares cancelled from trading on AIM in London	23-02-13	AN
Morses Club CEO wants "explanation" as custodian sells stock	23-02-10	AN
FTSE 100 Closes Down 0.17% Dragged by Miners, Oil Stocks	23-01-31	DJ
Morses Club receives extension for facility until end of March	23-01-31	AN
Tesco cuts jobs; AG Barr raises profit guidance	23-01-31	AN
UK Green Gilt Issuance Will Be Limited in Coming Years	23-01-31	DJ
UK Consumers' Lower Borrowing at Year-End Signals Hit to Economy	23-01-31	DJ
AIM WINNERS & LOSERS: Morses surges; XLMedia performs in line	23-01-31	AN
FTSE 100 Falls as IMF Highlights UK's Economic Fragility	23-01-31	DJ
Morses Club Soars 75% After Securing Extension for Term-out Clause of GBP25 Million Facility	23-01-31	MT
Stocks down as IMF cuts UK GDP forecast	23-01-31	AN
FTSE 100 has record in sight; US earnings begin	23-01-13	AN
AIM WINNERS & LOSERS: Morses Club jumps as delisting put in doubt	23-01-13	AN
An unknown buyer acquired approximately 6.55% stake in Morses Club PLC from J O Hambro Capital Management Limited.	23-01-12	CI
Morses Club proposes to delist to go private; has shareholder support	23-01-12	AN
Morses Club Down 53% After Revealing Intention To Delist From AIM	23-01-12	MT
More UK retail cheer as markets rise before US CPI	23-01-12	AN
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FTSE 100 Closed Up Boosted by US Inflation Data	22-12-13	DJ
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Company Profile

Morses Club PLC is a United Kingdom-based company that is engaged on providing home credit. The Company operates through two segments: Home Collected Credit (Morses Club) and Digital (Shelby Finance Limited and U Holdings Limited). The Home Collected Credit segment operates under the Morses Club brand, it provides small, short-term loans to customers. The Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account is a digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. The Company also provides Morses Club Card, a cashless lending product to its customer.

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