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Provident hopes for Snowball effect

With the NSF bid now lapsed, the doorstep lender's chairman has weighed in at the first opportunity
June 12, 2019

Free from what proved to be the less-than vice-like grip of would-be acquirer Non-Standard Finance (NSF), doorstep lender Provident Financial (PFG) is keen to strike out on its own, newly unencumbered by a hostile takeover bid (save for perhaps the resulting £20m advisory bill).

IC TIP: Hold at 500p

Leading that charge – it would appear – is non-executive chairman Patrick Snowball, who splashed out a cool £500,000 on Provvy shares within a day of NSF’s bid lapsing. The transaction is Mr Snowball’s first dealing since he joined Provident’s board on 21 September last year, which was five months before NSF made its unsolicited approach.

As such, the chairman has spent around half of his tenure defending Provident’s self-help actions and repeatedly appealing to independent shareholders to reject the all-share takeover attempt. In April, he told shareholders “Provident can generate far greater value for you... through delivering on its current strategy”.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Alliance Trust Karl Sternberg03 Jun 20191,671747.9812,49917,3770.005
Assura Jayne Cottam (cfo)04 Jun 20198,40063.545,33790,7430.004
Assura Jayne Cottam (cfo)03 Jun 201938,80064.0524,85182,3430.003
Aston Martin Lagonda Andrew Palmer (ceo)03 Jun 201922,658876.1198,5071,410,7630.619
Aston Martin Lagonda Mark Wilson (cfo)03 Jun 20195,664876.149,622199,9990.088
Aston Martin Lagonda Penny Hughes (ch)03 Jun 20195,474876.147,9586,0000.003
AVI Global Trust Graham Kitchen30 May 20192,500740.6718,5176,5000.006
Babcock International Ruth Cairnie05 Jun 201910,000476.6347,66310,0000.002
Babcock International Myles Lee05 Jun 20195,00048124,05025,0000.005
Baillie Gifford Japan Trust David Kidd31 May 20197,50076757,52530,0000.033
Dunedin Enterprise Investment Trust Angela Lane03 Jun 20192,630377.89,93620,1030.097
Ediston Property Investment Company William Hill (ch)31 May 201919,94299.665619,875107,4860.051
Elementis Ralph Hewins (cfo)05 Jun 201910,000139.81213,98114,6600.003
Elementis Paul Waterman (ceo)04 Jun 20193,5001.816,335428,3720.074
Elementis Paul Waterman (ceo)04 Jun 20196,5001.8311,895424,8720.073
Falanx Group Michael Read (ceo)31 May 2019114,0002.11452,41110,653,9402.661
FireAngel Safety Technology John Shepherd30 May 2019214,43446.599,712237,4970.517
First Derivatives Virginia Gambale31 May 20193,1254334135,43814,8800.057
Georgian Mining*Peter Damouni 30 May 2019500,000210,000907,5000.678
Hammerson Carol Welch03 Jun 20197,461266.5319,8867,4610.001
Hunting Richard Hunting 05 Jun 20191,5505208,060468,1330.280
Hunting Keith Lough05 Jun 20193,00052415,7205,0000.003
Hunting Carol Chesney 05 Jun 20193,00052615,7805,0000.003
Informa John Rishton03 Jun 20196,482765.649,62615,1630.001
Invesco Perpetual UK Smaller Companies Inv Tst Jane Lewis31 May 20193,899509.998819,8855,4060.016
K3 Capital Stuart Lees 05 Jun 201928,125131.5737,004678,1251.607
K3 CapitalStuart Lees 05 Jun 201910,00014014,000688,1251.630
Majedie Investments Jane Lewis31 May 20195,803256.966114,9125,8030.011
Marks & Spencer Humphrey Singer (cfo)31 May 201922,500220.249,54522,5000.001
NMC Health Prasanth Manghat (ceo)30 May 201975,0002495.361,871,520254,2720.122
Provident Financial Patrick Snowball (ch)05 Jun 201996,477518.2562499,99896,4770.038
Stobart Group Warwick Brady (ceo)30 May 201950,000125.962,950256,2050.069
Trafalgar Property*James Dubois (ch)31 May 20192,500,0000.410,0004,000,0000.820
Trinity Exploration & Production James Menzies 04 Jun 2019175,00011.2519,6881,150,0000.299
Vitec Ian McHoul (ch)30 May 20195,000113656,8005,0000.011
VPC Specialty Lending Investments Richard Levy31 May 201974,70669.551,9213,794,1111.115
Wentworth Resources Eskil Jersing (ceo)03 Jun 2019265,09721.556,996265,0970.142
Young & Co's Brewery Patrick Dardis (ceo)04 Jun 201921,6711765382,493106,4070.357
Young & Co's Brewery Torquil Sligo-Young04 Jun 20196,3711765112,448291,1190.977
Yourgene Health Adam Reynolds (ch)31 May 2019900,0001199,0006,349,6561.060
*Placing/tender/open offer ♥Spouse/connected party 
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Helical Timothy Murphy (fd)05 Jun 201935,000362.5126,875662,9810.554
Investec† Bernard Kantor03 Jun 201947,229455214,8921,053,9240.155
Investec† Bernard Kantor31 May 20199,57945643,6801,043,6410.153
United Utilities Russ Houlden (cfo)31 May 201922,168789.8175,08355,1320.008

*Placing/tender/open offer ♥Spouse/connected party 

†On market sale of shares to cover taxation due on vesting of conditional awards