17 June 2021 - sale of assets

The company has announced that it has sold the SME loans in its two US warehouses to an asset manager for approximately £63m.  This will create a Fair Value gain of  around £4m and this will further increase AEBITDA above the level specified in previous guidance.  It will be reflected in results for the 6 months ended 30 June 2021.  Following the paydown of bank debt associated with these loans, Funding Circle will receive net cash proceeds of approximately £38m. The disposal is consistent with the company's previously stated strategy . . .

This content is restricted to members only. We offer three packages from 1 month to a whole year of daily tips, market news and commentary, plus our monthly newsletters.
Registration is quick and simple HERE.

Already a member, log in HERE.