PCF.L / Index: AIM / Sector: Speciality & other finance

7 April 2009

Private & Commercial Finance Group plc ('PCFG' or 'the Group')

Trading Statement

The Directors of PCFG, the AIM quoted finance house, are pleased to announce that:

• The Group's results for the 12 months ended 31 March 2009 will be released on 23 June 2009

• The results are expected, subject to audit, to be in line with market expectations

• The Group has appointed Daniel Stewart & Co. as its Broker with immediate effect

• In order to refinance the Convertible Loan Notes 2009 which are due for repayment on 30 September 2009, the Group is proposing to offer via Daniel Stewart & Co. up to £2 million of new convertible loan notes, the key features of which are:

  • 10% per annum interest, payable half yearly on 31 March and 30 September

  • A right to convert into ordinary shares of PCFG at 25p per share

  • Repayable on not less than 12 months' prior notice expiring on or after 30 September 2013

  • PCFG has the right to repay on any interest payment date subject to at least 6 months' prior notice, however the holder will have the right to convert into ordinary shares instead of accepting repayment

  • The notes will not be quoted on any stock exchange

  • Holders of the Group's Convertible Loan Notes 2009 who wish to convert to the new notes should contact Daniel Stewart & Co.

CEO Scott Maybury said, 'Our products continue to be in demand. Although the overall market has decreased, the withdrawal of a number of our competitors has effectively cancelled out the slowdown in the wider economy. However our ability to satisfy demand has been limited by the availability of senior debt funding. As a result we have been extremely selective in our underwriting and focused on improving margins and ensuring that our portfolios of finance receivables are well spread and of robust quality.'

'We have agreed terms with all our funding banks, with the exception of the facility arranged by Royal Bank of Scotland ('RBS'), for the extension of their repayment dates for at least 12 months and up to 40 months, albeit at increased margins. Discussions with RBS have been protracted, but we hope to have achieved a resolution in the next few weeks.'

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For further information visit www.pcfg.co.uk or contact:

Notes to Editors:

Private & Commercial Finance Group plc, which is authorised and regulated by the Financial Services Authority, is an independent AIM-listed finance house with assets exceeding £140 million. Through its operating subsidiaries the Group provides a carefully selected range of high quality equipment finance products tailored for both business and personal customers. The range extends from financing cars for consumers to leasing a wide range of equipment to businesses.