StockMarketWire.com - Sub-prime lender Provident Financial has once again urged its shareholders to reject a hostile takeover bid from Non-Standard Financial, this time in a letter to shareholders by its chairman.

Chairman Patrick Snowball said he was taking the 'unusual step' of writing to shareholders to share his personal view on the offer.

Snowball claimed that NSF had last week confirmed that certain of their dividends since 2015 had been in contravention of the Companies Act.

'They were described by NSF as 'technical infringements' but the simple fact and truth of the matter is that they were unlawful,' Snowball said.

'These 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,' he added.

Snowball also described the bid as 'the same dreadful deal that it was on day one' and more of a 'coup d'etat' than a hostile takeover'.




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