4th Mar 2016 08:21
LONDON (Alliance News) - P2P Global Investments PLC on Friday said that more than 90% of the proceeds from its issuance of C shares has been invested, following notification from investment manager Eaglewood Europe LLP.
P2P Global Investments said it expects its C shares to be converted into ordinary shares on March 22.
New ordinary shares arising from the conversion of the existing C shares are expected to be admitted to trading on the London Stock Exchange's main market March 22.
P2P raised GBP400 million with an issue of C shares in July, with the aim of growing the company and making investments in instruments such as peer-to-peer loans.
Peer-to-peer lending has been gaining traction since the financial crisis of 2007-09, emerging as a serious alternative for borrowers seeking an alternative to bank loans. Lenders and borrowers are matched in the industry by platforms, which challenge bank lenders that have become increasingly constrained by tougher capital requirements since the crisis.
A company such as P2P Global Investments tries to generate returns for shareholders by investing in loans originated by a platform.
P2P Global and investment manager Eaglewood Europe LLP have agreements with a number of peer-to-peer lending platforms, including Funding Circle (UK), RateSetter, and Zopa in the UK, as well as Lending Club, Prosper and Upstart in the US.
By Samuel Agini; [email protected]; @samuelagini
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