4th Dec 2019 17:35
(Alliance News) - Pollen Street Secured Lending PLC on Wednesday said its portfolio valuation has suffered after a decrease in the value of its investment in UK-based peer-to-peer lender Zopa.
Zopa's banking licence was due to expire within days but the lender on Tuesday said it received a last-gasp GBP140 million cash injection.
Pollen Street said: "The valuation of this portfolio has been impacted by a decrease in the valuation of Zopa following its latest GBP140 million fund raise to support its banking application.
"This has led to a valuation mark down for the company of GBP4.9 million which represents a 63% mark down on the position or 0.7% of the company's net asset value, with the position now valued at GBP2.9 million."
The valuation mark down does not impact Pollen Street's ability to release dividends, the company said.
Shares in the firm, formerly known as P2P Global Investments, closed 0.2% lower at 824.00 pence each in London on Wednesday.
By Eric Cunha; [email protected]
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