NSF offered to acquire the entire issued share capital of Provident. In response, the Board of Provident Financial expressed its disappointment at the unsolicited and highly opportunistic approach taken by NSF, including its decision not to engage with the Board prior to the announcement. Based on NSF's Closing Price of 58 pence per NSF Share on 21 February 2019 (being the last Business Day before the date of this announcement), the Transaction values each Provident Share at 511 pence; values the entire issued and to be issued ordinary share capital of Provident at approximately £1.3bn; would result in Provident Shareholders owning approximately 87.8%. of the Enlarged NSF Group and becoming major participants in the potential future value creation in the Enlarged NSF Group. Offer for Provident has on 15 May 2019 became unconditional as to acceptances. "This transaction will create a market leader in the non-standard finance sector with a strong position in all four main segments. We have recognised the strong logic and value creation potential of a combination with Provident for some time and hence approached the Provident Board with a proposal in January last year. That approach was rebuffed and since then Provident has further lost its way. However, NSF has extensive management expertise and experience, and the correct strategy to turn Provident around and release significant value by combining it with our own fast-growing businesses for the benefit of customers, employees and investors. I'm delighted that holders of over 50 per cent. of Provident's shares have given their support to our proposal today." Commenting on the Transaction, John van Kuffeler, NSF founder and Chief Executive. The offer was lapsed in June 2019.