P2P Global Investments PLC Reduction in US consumer loan exposure (3561W)
14 November 2017 - 2:33AM
UK Regulatory
TIDMP2P
RNS Number : 3561W
P2P Global Investments PLC
13 November 2017
LEI Number: 213800P4S1KTTPIB9T76
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
P2P Global Investments plc (the "Company")
Reduction in US consumer loan exposure
The Board of P2PGI is pleased to announce that the Company has
entered into an agreement to sell a significant proportion of its
exposure to US consumer loans. The transaction represents a
reduction of GBP36.9 million net exposure (4.56% of the Company's
NAV as at 30 September 2017) and GBP167.1 million gross exposure.
The transaction and related provisions are expected to reduce the
Company's overall NAV by less than 1% and will also have the effect
of reducing the Company's leverage and FX hedging requirement.
The Board is pleased to report that the Investment Manager
remains confident in its ability to continue the transition of the
portfolio into opportunities with a greater exposure to secured
assets.
The Company stated in its September newsletter that the
Investment Manager intended to announce a more detailed strategy
update to the market in November 2017; this transaction represents
an important component of that strategy. The Investment Manager now
expects to present its more detailed strategy update to the market
towards the end of November to coincide with the release of the
October NAV announcement. The October NAV announcement will reflect
this transaction and is expected to be released before 30th
November.
The Investment Manager has reported to the Board an increased
confidence that the realigned portfolio will achieve its target
returns of 6 - 8 per cent within the 18-month timeframe set in the
Board's announcement of 24 May 2017.
Contact information
Investment Manager:
Lindsey McMurray +44 (0) 203 728 6746
Simon Champ +44 (0) 207 316 2280
Media Enquiries: Boscobel & Partners +44 (0) 203 642
1310
This information is provided by RNS
The company news service from the London Stock Exchange
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November 13, 2017 10:33 ET (15:33 GMT)
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