Last checked at 28 Apr 2023 07:00
28 April 2023
Sancus Lending Group Limited
(the "Company" or the "Group")
Sale of ZDP shares from treasury
The Company announces the sale today of 2,068,966 zero dividend preference shares of no par value ("ZDP Shares") from treasury to Somerston Group, the Company's largest shareholder, at a price of 145 pence per share (being the mid-market closing price of the ZDP Shares on 27 April 2023) for an aggregate cash consideration of approximately £3,000,000 (the "ZDP Share Sale"). The proceeds of the ZDP Share Sale will be used to facilitate a drawdown from the Group's institutional funding lines, to fund continued growth of the Group's loan book.
Following the ZDP Share Sale, the Company has 18,169,461 ZDP Shares in issue, of which 10,505,739 are held by the Company as treasury shares. The total number of ZDP Share voting rights is therefore 7,663,722. This figure of 7,663,722 may be used by holders of ZDP Shares as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the ZDP Shares under the FCA's Disclosure Guidance and Transparency Rules.
Somerston Group, which currently also hold 50.44% of the Company's ordinary shares and £10.13m of principal of the Group's bond instrument, will hold 2,068,966 ZDP Shares following the ZDP Share Sale, equivalent to 26.99 per cent. of the resultant total ZDP Share voting rights. Given Somerston Group's shareholding in the Company, the ZDP Share Sale represents a related party transaction, pursuant to AIM Rule 13. The independent directors (being the Company's directors with the exception of Tracy Clarke) consider, having consulted with the Company's nominated adviser, Liberum Capital, that the terms of the ZDP Share Sale is fair and reasonable insofar as its independent shareholders are concerned.
For further information, please contact:
Sancus Lending Group Limited
Rory Mepham
+44 (0)1481 708 280
Liberum Capital (Nominated Adviser and Corporate Broker)
Chris Clarke
Lauren Kettle
+44 (0) 20 3100 2000
Instinctif Partners (PR Advisor)
Tim Linacre
Victoria Haynes
+44 (0)207 457 2020
Sanne Fund Services (Guernsey) Limited (Company Secretary)
Matt Falla
+44 (0)1481 755530
LEI: 213800S2XOO3YSEGCA26