Inactive Instrument

Morses Club PLC

Equities

MCL

GB00BZ6C4F71

Morses Club to pursue scheme of arrangement as claims rise

July 20, 2022 at 12:19 pm IST

(Reuters) - British subprime lender Morses Club PLC said on Wednesday it was pursuing a potential use of so-called scheme of arrangement to deal with the high levels of redress claims that threaten to jeopardise its future.

Morses Club said it would continue to explore other options but alternatives would result in lower amounts for redress claims than under the scheme.

(Reporting by Sinchita Mitra and Yadarisa Shabong in Bengaluru)

Latest news about Morses Club PLC

Morses Club PLC Reports Earnings Results for the Full Year Ended February 25, 2023	12/23/12	CI
Morses Club shares cancelled from trading on AIM in London	13/23/13	AN
Morses Club CEO wants "explanation" as custodian sells stock	11/23/11	AN
FTSE 100 Closes Down 0.17% Dragged by Miners, Oil Stocks	31/23/31	DJ
Morses Club receives extension for facility until end of March	31/23/31	AN
Tesco cuts jobs; AG Barr raises profit guidance	31/23/31	AN
UK Green Gilt Issuance Will Be Limited in Coming Years	31/23/31	DJ
UK Consumers' Lower Borrowing at Year-End Signals Hit to Economy	31/23/31	DJ
AIM WINNERS & LOSERS: Morses surges; XLMedia performs in line	31/23/31	AN
FTSE 100 Falls as IMF Highlights UK's Economic Fragility	31/23/31	DJ
Morses Club Soars 75% After Securing Extension for Term-out Clause of GBP25 Million Facility	31/23/31	MT
Stocks down as IMF cuts UK GDP forecast	31/23/31	AN
FTSE 100 has record in sight; US earnings begin	13/23/13	AN
AIM WINNERS & LOSERS: Morses Club jumps as delisting put in doubt	13/23/13	AN
An unknown buyer acquired approximately 6.55% stake in Morses Club PLC from J O Hambro Capital Management Limited.	13/23/13	CI
Morses Club proposes to delist to go private; has shareholder support	12/23/12	AN
Morses Club Down 53% After Revealing Intention To Delist From AIM	12/23/12	MT
More UK retail cheer as markets rise before US CPI	12/23/12	AN
TRADING UPDATES: Serinus completes rig-up; Xtract concludes JV deal	16/22/16	AN
FTSE 100 Closed Up Boosted by US Inflation Data	13/22/13	DJ
UK Unemployment Rate Expected to Increase to 5% by End of 2023	13/22/13	DJ
AIM WINNERS & LOSERS: Invinity Energy jumps on battery systems order	13/22/13	AN
Sterling Could Be Well-Positioned to Rise if US Inflation Eases	13/22/13	DJ
FTSE 100 Rises As Oil, Banks Gain; Retailers Fall	13/22/13	DJ
FTSE 100 Closes Up 0.2% Ahead of Black Friday	24/22/24	DJ

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Company Profile

Morses Club PLC is a United Kingdom-based company that is engaged on providing home credit. The Company operates through two segments: Home Collected Credit (Morses Club) and Digital (Shelby Finance Limited and U Holdings Limited). The Home Collected Credit segment operates under the Morses Club brand, it provides small, short-term loans to customers. The Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account is a digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. The Company also provides Morses Club Card, a cashless lending product to its customer.

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