24th Jul 2018 10:40
LONDON (Alliance News) - P2P Global Investments PLC said Tuesday it has written off its equity investment in URICA Ltd.
URICA was placed into provisional liquidation on July 20, leading P2P to write off its entire investment. This represents 0.7% of the trust's last published net asset value.
According to its website, URICA, whose business model involved accelerating invoice payments between businesses, "suffered a large fraud in France" and was unable to recover.
P2P also provides a revolving credit facility to URICA Europe Ltd, where its outstanding exposure is approximately GBP24.4 million. URICA Europe has not been placed into administration and will not be liquidated. P2P has restricted its new funding under the facility.
On Friday another URICA investor, Artemis Alpha Trust PLC, announced that it had impaired its URICA holding with a resulting 2.2% decline in net asset value.
Shares in P2P Global were down 0.2% at 827.00 pence on Tuesday.
Related Shares:
P2P.L