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UK FCA approves Non-Standard Finance buy of Secure Trust Bank consumer lending biz

Non-StandardFinance Plc and Secure Trust Bank Plc said April 8 that the formerreceived unconditional approval from the U.K. Financial Conduct Authority forthe change of control of Everyday Loans Ltd.

The change of control allows Non-Standard Finance and unitNSF Subsidiary III Ltd. to replace Secure Trust Bank as Everyday Loans'controller on completion of the acquisition of the consumer lending business from SecureTrust Bank. Completion is expected to take place April 13 and remains subjectto certain other conditions.

To allow for completion, all of Non-Standard Finance'sordinary shares in issue are intended to be suspended with effect from 7 a.m.London time April 13. As the acquisition is classified as a reverse takeover,the ordinary shares are intended to be canceled with effect from 8 a.m. Londontime April 14, subject to completion taking effect.

Non-Standard Finance said application will be made for itsordinary shares and consideration shares issued as part of the transaction tobe admitted to the FCA's Official List and to trading on the London StockExchange's main market for listed securities, with effect from April 14.