(Adds detail on proposed recapitalisation plan)
March 17 (Reuters) - British doorstep lender
Non-Standard Finance underlined plans to recapitalise
itself by raising about 95 million pounds ($115.57 million)
through a pubic equity raise on Friday, a move that would wipe
out the interests of its existing shareholders.
"Although the proposed recapitalisation will ensure the
future of the Group and the 'Everyday Loans' business, it will
materially dilute the interests of NSF's existing equity
holders, most likely to negligible value, unless they choose to
participate in the equity raise," it said in a statement.
The proposal, which has the backing of its largest
shareholder and its secured lenders, also involves exploring a
cancellation of its listing on the London Stock Exchange, it
said.
The loss-making company added it was also seeking to pay
back 14 million pounds to compensate some of is customers under
the rescue plan.
($1 = 0.8220 pounds)
(Reporting by Sinchita Mitra and Yadarisa Shabong in Bengaluru;
Editing by Rashmi Aich)
