Funding Circle Holdings PLC Sale of SME loans in two US warehouses (1438C)
17 June 2021 - 4:00PM
UK Regulatory
TIDMFCH
RNS Number : 1438C
Funding Circle Holdings PLC
17 June 2021
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.GBP63m, which represents a Fair
Value gain of c.GBP4m. 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.GBP38m. 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 GBP12
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.
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END
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