Provident Financial plc (PFG.L) strongly recommended its shareholders to reject the offer from NSF, and said the transaction is not in the interest of the Group’s shareholders. In a letter to shareholders, Patrick Snowball, Chairman, said the proposed deal has major strategic and financial flaws.
Provident Financial also said, NSF recently informed the Group that some of its dividends in the last four years were against the Companies Act. Provident noted that these unlawful distributions are proof for the weak oversight of the NSF board.
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