Sale of SME loans in two US warehouses
Funding Circle Holdings plc
Funding Circle completes sale of SME loans in two US warehouses
Embargoed until 7.00am, 17 June 2021
Funding Circle Holdings plc ("Funding Circle") today announces that it has sold the SME loans in its two US warehouses to an asset manager for a consideration of c.£63m, which represents a Fair Value gain of c.£4m. This gain will further increase AEBITDA beyond the level specified in our previous guidance and will be reflected in results for the 6 months ended 30 June 2021 which will be reported on 9th September.
Following the paydown of bank debt associated with these loans, Funding Circle will receive net cash proceeds of c.£38m. This disposal is consistent with our previously stated strategy of monetising pre-pandemic investments we hold for sale as opportunities for realisations allow.
Investor relations and media relations:
Investor Relations
David de Koning - Director of Investor Relations and Communications (0203 927 3893)
Media relations
Natasha Jones - Head of UK Communications (020 3667 2245)
Headland Consultancy - Mike Smith / Stephen Malthouse (020 3805 4822)
About Funding Circle:
Funding Circle (LSE: FCH) is a small and medium enterprise ("SME") loans platform. Since launching in 2010, investors and lenders across Funding Circle's geographies - including banks, asset management companies, insurance companies, government-backed entities, retail investors and funds - have lent more than £12 billion to 100,000 businesses globally.
Forward looking statements and other important information
This document contains forward looking statements, which are statements that are not historical facts and that reflect Funding Circle's beliefs and expectations with respect to future events and financial and operational performance. These forward looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond the control of Funding Circle and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. Nothing contained within this document is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of Funding Circle or its business. Any historical information contained in this statistical information is not indicative of future performance.
The information contained in this document is provided as of the dates shown. Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an offer to invest in Funding Circle.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 9 hours ago ASOS
- 9 hours ago MJ Gleeson
- 9 hours ago Rolls-Royce Holdings
- 10 hours ago Crest Nicholson Holdings
- 10 hours ago Naked Wines