Pollen Street Secured Lending PLC Equity Investment in Zopa (6930V)
04 Diciembre 2019 - 07:52AM
UK Regulatory
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
This information is provided by RNS, the news service of the
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END
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