Arbuthnot Banking - Annual General Meeting Statement
RNS Number : 5690Y
Arbuthnot Banking Group PLC
09 May 2019
 

9 May 2019

 

ARBUTHNOT BANKING GROUP PLC

 

 

Annual General Meeting Statement - 2019

 

The Board of Arbuthnot Banking Group PLC ("ABG" or "the Group") announces that shareholders approved all of the resolutions proposed at the Annual General Meeting held today, Thursday, 9 May 2019.

 

As a result, ABG will proceed to issue the Ordinary Non-Voting Shares as announced on 1 May 2019. Admission of ABG Ordinary and Ordinary Non-Voting shares to NEX Exchange Growth Market is expected to occur on 17 May 2019.

 

At the meeting the Chairman, Sir Henry Angest, made the following statement:

 

"The Group has made a positive start to the year, customer loans and deposits at the end of April have increased by 13% and 18% respectively compared to the same time last year.

 

The lending markets continue to be competitive, however, we remain committed to our risk and return methodology and continue not to chase loan volumes.

 

Our Asset Based Lending division broke even in March, nine months ahead of its business plan.

 

Also the Specialist Finance business is progressing with its soft launch and expects to be fully operational in the third quarter of the year.

 

At the end of April, Arbuthnot Direct had opened 161 term savings accounts raising £9m of deposits, which is ahead of our expectations.

 

The Group continues its diversification programme, and we expect this to develop further throughout the remainder of the year."

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014). Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

Enquiries:

Arbuthnot Banking Group

Sir Henry Angest, Chairman and Chief Executive

Andrew Salmon, Group Chief Operating Officer

James Cobb, Group Finance Director

0207 012 2400

 

Grant Thornton (Nominated Adviser and NEX Exchange Corporate Adviser)

Colin Aaronson

Samantha Harrison

Niall McDonald

020 7383 5100

 

Numis Securities Ltd (Joint Broker)

Chris Wilkinson

Stephen Westgate

0207 260 1000

 

Shore Capital (Join Broker)

Hugh Morgan

Daniel Bush

020 7408 4090

 

Maitland/AMO

Neil Bennett

Sam Cartwright

Jais Mehaji

020 7379 5151

 


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