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In the event that Tender Instructions are received in respect of an aggregate principal amount of Notes which is greater than the Maximum Acceptance Amount, such Tender Instructions will be accepted on a pro rata basis. The Company reserves the right, in its sole and absolute discretion, to purchase more than the Maximum Acceptance Amount, subject to applicable law.
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The Company proposes to accept Notes for purchase up to a maximum aggregate principal amount of the Notes equal to the aggregate principal amount of New Notes issued less £100,000,000 (the " Maximum Acceptance Amount") (which is expected to be between £50,000,000 and £100,000,000 on the basis of the indicative New Notes issue size described below) on the terms and subject to the conditions contained in the Tender Offer Memorandum.
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The Company will also pay accrued interest from (and including) the last interest payment date to (but excluding) the Tender Offer Settlement Date in respect of Notes accepted by it for purchase pursuant to the Offer (the " Accrued Interest"). of the principal amount of the Notes (the " Purchase Price "). Subject to the satisfaction or waiver of the New Financing Condition (as described below), the Company will pay for Notes accepted by it for purchase pursuant to the Offer a cash purchase price equal to 105.50 per cent. The Notes purchased by the Company pursuant to the Offer are expected to be cancelled and will not be re-issued or re-sold. The purpose of the Offer is to proactively manage the Company's upcoming debt redemption, to extend its debt maturity profile and to further strengthen and diversify the capital base of the Company and its subsidiaries with the intended issue of New Notes.
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Details of the Notes are set out in the table below:Īn aggregate principal amount of the Notes equal to the aggregate principal amount of New Notes issued less £100,000,000 Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum. The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 29 September 2021 (the " Tender Offer Memorandum") prepared by the Company and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.įor detailed terms of the Offer, please refer to the Tender Offer Memorandum, copies of which are (subject to distribution restrictions) available from the Tender Agent as set out below. Notes due 2023 (ISIN: XS1827005411) unconditionally and irrevocably guaranteed by each of Duncton Group Limited, Moneybarn Group Limited, Moneybarn No.1 Limited and Provident Financial Holdings Limited (the " Notes") to tender such Notes for purchase by the Company for cash (the " Offer"). Provident Financial plc (the " Company") announces today an invitation to holders of its £250,000,000 7.00 per cent. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW). NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S.