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Funding Circle Holdings PLC - London-based peer-to-peer lender - Sells small and medium-sized enterprise loans in two US warehouses to an asset manager for GBP63 million. Notes that after paying bank debt associated with the loans, the company received net cash proceeds of GBP38 million. The sale represents a fair value gain of GBP4 million. Says sale will boost adjusted earnings before interest, tax, depreciation and amortisation in the first half of 2021 beyond GBP40 million level that the company indicated in May. This will be reflected in results for the six months ended June 30, to be reported on September 9.
"The disposal is consistent with our previously stated strategy of monetising pre-pandemic investments we hold for sale as opportunities for realisations allow," the company says.
Current stock price: 163.00 pence, up 3.2% on Thursday
Year-to-date change: up 81%
By Scarlett Butler; scarlettbutler@alliancenews.com
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