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(Correcting that Somers's stake rises to 71%, rather than 73%, due to error by PCF.)
PCF Group PLC on Tuesday said its majority shareholder Somers Ltd has invested £2.7 million via a share subscription, as takeover talks continue and a new approach has been received.
Shares in the London-based specialist bank were down 7.4% to 4.40 pence each in London on Wednesday at midday.
Majority shareholder Somers has further invested into PCF via a subscription of 54.9 million new shares at 5p per share, raising gross proceeds of £2.7 million for PCF. The new shares are equivalent to 22% of PCF's existing share capital. As a result, Somers's stake in PCF has increased to 71% from 64% previously, when taking into account dilution.
Last month, PCF had said it was in talks with Castle Trust Capital PLC about a possible all-share takeover offer. Castle is a London-based bank, offering savings accounts and mortgage lending.
Following that earlier announcement, PCF said it has been contacted by an unnamed party about a possible combination, under which PCF would acquire the other company.
Talks with the new party are at a ‘very early stage’, PCF added.
Separately, Liverpool Victoria Financial Services Ltd has announced the appointment of PCF's Simon Moore as its new chair. Moore joined PCF in January 2022 as chair designate.
Moore will succeed LV= Interim Chair Seamus Creedon, who will continue in his role as non-executive director on the LV= board.
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