PCF Group PLC - London-based specialist bank - Enters a debt sale framework agreement with Azzurro Associates Ltd. Under the agreement, which is valid for 36 months, PCF will be obliged to offer to sell to Azzurro for cash consideration defaulted receivables on a "right of first offer" basis. PCF adds that it has agreed on its first sale under this contract of defaulted receivables for net proceeds of GBP400,000 cash. The carrying value of this loan book was GBP310,000 on Wednesday.
The proceeds will be used for liquidity and funding, PCF adds.
"PCF's strategy is to dispose of defaulted receivables through periodic asset sales on an ongoing basis. This will give certainty to the valuation of this category of receivables for impairment purposes and enable operating efficiencies for the group by reducing the operational time and costs that managing such defaulted receivables involves," the company explains.
Current stock price: 3.75 pence
12-month change: down 71%
By Sophie Rose; sophierose@alliancenews.com
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