StockMarketWire.com - Non-Standard Financial has hit back at claims by takeover target Provident Financial that it had lodged a 'dreadful' bid for its fellow sub-prime lender.

Provident Financial chairman Patrick Snowball had earlier written to shareholders claiming that NSF had admitted some of its dividends since 2015 had been in contravention of the Companies Act.

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'.

In a response, NSF said Snowball's statement 'shows, once again, that the Provident Board is determined to deflect from its history of self-inflicted wounds and incompetence - its defective leadership, customer failings, destruction of shareholder value, erosion of shareholder trust and strategic vacuum'.

NSF also noted that some of Provident Financial's largest shareholders had accepted its offer, though Provident claims most of these shareholders are also investors in NSF.

'The Provident board appears to be living in a very different world from its customers, employees and shareholders,' NSF chief executive John van Kuffeler said.


At 2:41pm:

[LON:NSF] Nonstandard Finance Plc share price was +0.3p at 52.7p

[LON:PFG] Provident Financial PLC share price was +6.7p at 522.7p



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