TIDMPSSL

RNS Number : 6930V

Pollen Street Secured Lending PLC

04 December 2019

4 December 2019

Pollen Street Secured Lending plc (the "Company")

Equity Investment in Zopa

As recently reported in the October newsletter, the Company continues to see an increase in Net Asset Value ("NAV") returns as the strategic repositioning delivers higher and more stable risk adjusted margins. The legacy credit assets have been substantially reduced to under 8% of the total credit asset exposure and the underlying returns are now substantially driven by the continuing portfolio with annualised NAV returns having exceeded 6% for the past three months.

However, the Company continues to be exposed to the legacy equity portfolio. The valuation of this portfolio has been impacted by a decrease in the valuation of Zopa following its latest GBP140m fund raise to support its banking application. This has led to a valuation mark down for the Company of GBP4.9m which represents a 63% mark down on the position or 0.7% of the Company's NAV, with the position now valued at GBP2.9m. This leaves the legacy equity portfolio at GBP27m or 3.7% of NAV. The Manager continues to look to realise these equity positions where possible and has successfully sold two positions this year totalling GBP12.1m of NAV.

This mark down does not impact the Company's ability to pay dividends as it is treated as a capital account item under the accounting standards and therefore does not impact revenue reserves.

Enquiries:

 
  PSC Credit Holdings LLP             +44 (0)20 3948 7379 
   Liberum Capital Limited 
   Gillian Martin / Owen Matthews      +44 (0)20 3100 2000 
   Link Company Matters 
   Corporate Secretary                 +44 (0)20 7954 9792 
   Media enquiries 
   Camarco                             +44 (0)203 757 4994 
 

Notes

This announcement contains inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.

LEI number: 213800P4S1KTTPOB9T76

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December 04, 2019 08:52 ET (13:52 GMT)

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