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Annual Results

Shawbrook won't recommend Consortium's proposal

07 March 2017 07:34

Shawbrook has rebuffed the revised proposal put forward by a consortium of Pollen Street Capital Ltd and BC Partners LLP, as it booked an improved FY pretax profit in what it billed as a pivotal period.

"Taking into account the terms of the revised proposal, the confidence the board has in Shawbrook's strategy and plan and the feedback from Shawbrook's major institutional shareholders, the Board has concluded that it is not willing to recommend the Consortium's Revised Proposal," it said.

"The Revised Proposal has therefore been rejected by the Board."

Turning to the annual results, statutory pretax profit was £88.2m, from £70.1m.

CEO Steve Pateman said 2016 was a pivotal year for Shawbrook.

"We have achieved sustainable growth across all of our lending divisions and delivered strong risk adjusted returns.

"Notwithstanding the changes in the political environment and the subsequent uncertainty arising in the macroeconomic climate, we have continued to execute our plans through deep market knowledge, innovation and through close understanding and awareness of our customers' needs."

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