LONDON (Alliance News) - P2P Global Investments PLC Thursday said it has raised GBP21.5 million through a tap issue of new shares.
The company said it to issued 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 0.4% at 1,074.95p on Thursday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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