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P2P Global Investments Taps GBP21.5 Million For New Opportunities (ALLISS)

Thu, 18th Jun 2015 10:31

LONDON (Alliance News) - P2P Global Investments PLC Thursday said it plans to raise up to GBP21.5 million through a tap issue of new shares.

The company said it plans to issue just shy of 2.0 million new shares at 1,075 pence per share, a 7.3% premium to net asset value per share on May 31 including income.

The shares equate to just under 10% of the existing shares in issue. A "tap issue" means an issuance from an amount already approved by shareholders, which reduces costs.

P2P Global Investments also said it has received "significant indications of interest" for the C share issue plans it revealed on May 29, meaning it plans to raise more than GBP250 million by offering C shares at 1,000 pence each.

Simon Champ, the chief executive of investment manager Eaglewood Europe LLP, said the money from the tap issue is to be deployed in a matter of weeks.

"We continue to see attractive new lending opportunities, and we are carrying out the tap issue ahead of the proposed new C Share Issue in order to capitalise on certain high-quality and time-specific investments which we have recently identified. We believe it is beneficial to shareholders for the company to take advantage of these opportunities and maintain its market-leading position," Champ said in a statement.

P2P Global Investments shares were down 0.7% at 1,071.60p on Thursday morning.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2015 Alliance News Limited. All Rights Reserved.

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P2P Global Annual Net Assets Decrease, Optimistic For New Strategy

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