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Private & Commercial Finance replaces chairman; to pay dividend

David Anthony is stepping down as chairman and a director of U.K.-based Private & Commercial Finance Group Plc, the company said on Dec. 8.

Anthony has been a director since July 2011 and chairman since September 2011. He will be succeeded as chairman by Tim Franklin.

Private & Commercial Finance said the previous day that the U.K. Prudential Regulation and Financial Conduct authorities approved its request for a banking license, subject to its meeting certain conditions.

Also on Dec. 8, the company said its board recommended a final dividend of 0.1 penny per share, the first time in 13 years it will have paid a dividend. Subject to approval by shareholders at the March 10, 2017, annual general meeting, the dividend will be paid April 13, 2017, to shareholders on the register as of March 24, 2017.

Private & Commercial Finance reported profit attributable to equity holders of £4.0 million for the 18 months to Sept. 30, having changed its accounting reference date in March. It also reported attributable profit of £2.8 million for an unaudited pro forma period comprising the 12 months to Sept. 30, compared to £2.2 million on the same basis for the 12 months to Sept. 30, 2015.