17 June 2021 - sale of assets
The company has announced that it has sold the SME loans in its two US warehouses to an asset manager for approximately £63m. This will create a Fair Value gain of around £4m and this will further increase AEBITDA above the level specified in previous guidance. It will be reflected in results for the 6 months ended 30 June 2021. Following the paydown of bank debt associated with these loans, Funding Circle will receive net cash proceeds of approximately £38m. The disposal is consistent with the company's previously stated strategy . . .
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