25th Nov 2019 18:48
(Alliance News) - Augmentum Fintech PLC said Monday it will delay the publication of its interim results as it awaits greater clarity over the valuation of Zopa Bank Ltd, a subsidiary of portfolio company Zopa Group Ltd.
The venture capital investor on December last year said that Zopa had been granted a UK banking license with restrictions, and that a full license was expected to be granted once it meets the condition set by it UK regulators, with the mobilization period typically being 12 months.
"The board understands Zopa is pursuing various options around the potential launch of the bank and, as such, the board has decided to postpone the finalization of the interim results to early December 2019 when there is expected to be greater clarity over the valuation of the company's holding in Zopa," Augmentum said.
The company said that valuation work on the rest of the company's portfolio is substantially complete and it expects a GBP10.6 million uplift in net asset value. Augmentum also said, excluding any Zopa revaluation, its adjusted net asset value at September 30 was GBP128.0 million.
Augmentum Shares closed 0.3% down in London at 108.68 pence each on Monday
By Loreta Juodagalvyte; [email protected]
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