StockMarketWire.com - Subprime lender Non-Standard Finance said it had put an equity raising plan on hold after authorities in the UK raised concerns about operating procedures at its guarantor loans division.
The Financial Conduct Authority had aired the concerns after visiting the division in March 2020 as part of a review into the sector, and having examined a selection of customer files.
Non-Standard Finance said it was conducting an in-depth review, working closely with the regulator, to clarify the scope and scale of concerns and develop a possible redress methodology.
'Pending the outcome of this review, the group's consideration of a possible equity issue has been put on hold for the time being,' the company said.
'Alchemy, the group's largest shareholder, who was supportive of the proposed capital raise, has confirmed that it remains supportive of providing further capital to the group and is engaging with the board in this regard.'
At 9:49am: [LON:NSF] Nonstandard Finance Plc share price was -1.17p at 4.09p
Story provided by StockMarketWire.com
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