REG - Lendinvest PLC LendInvest PLC-LINV - Sale of residual economic interest in RMBS

LendinvestAnnouncement

01/03/2023 17:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230301:nRSA5739Ra&default-theme=true

RNS Number : 5739R  Lendinvest PLC  01 March 2023

 

 

 

LEI: 213800NWMK3O4UWP9N91

1 March 2023

 

 

 

LendInvest plc

 

Sale of residual economic interest in securitisation

 

LendInvest plc (AIM: LINV, "LendInvest" or the "Group"), the UK's leading
platform for mortgages has, through its LendInvest BTL Limited subsidiary,
successfully completed the sale of its non-risk retention residual economic
interest in the Mortimer BTL 2020-1 plc securitisation for a cash
consideration of £7.0 million. Citi's secondary trading desk managed the sale
process and purchase for onward sale.

 

In line with the Group's strategy to optimise its funds under management,
while at the same time moving more assets off its balance sheet, the
transaction will result in a reduction in the Group's gross loans and advances
of £212 million. The transaction will generate a net pre-tax gain of £1.4
million for FY2023 inline with management's expectations.

 

The difference between the cash consideration and the Group's net gain is
driven by gross profit lost in the final month of the financial year, and the
impact of no longer consolidating the Mortimer BTL 2020-1 plc securitisation
entity into the Group's results.

 

 

 

Enquiries:

LendInvest via Tulchan Communications
 
                +44 (0)20 7353 4200

Rod Lockhart, Chief Executive
Officer

Michael Evans, Chief Financial Officer

Alex Dee, Head of Investor Relations

Leigh Rimmer, Senior PR Manager
 

investorrelations@lendinvest.com

Panmure Gordon (NOMAD and Joint Broker)
                             +44 (0)20 7886 2500

Atholl Tweedie

Gabriel Hamlyn

finnCap Limited (Joint Broker)
 
                +44 (0)20 7220 0500

Jonny Franklin-Adams/George Dollemore (Corporate Finance)

Tim Redfern/Alice Lane (ECM)

Tulchan Communications (Financial PR)
                +44 (0)20 7353 4200

Tom Murray

Olivia Lucas

 

Important Notices
Certain statements in this announcement are forward-looking statements. In
some cases, these forward looking statements can be identified by the use of
forward looking terminology including the terms "anticipate", "believe",
"intend", "estimate", "expect", "may", "will", "seek", "continue", "aim",
"target", "projected", "plan", "goal", "achieve" and words of similar meaning
or in each case, their negative, or other variations or comparable
terminology. Forward-looking statements are based on '''current expectations
and assumptions and are subject to a number of known and unknown risks,
uncertainties and other important factors that could cause results or events
to differ materially from what is expressed or implied by those statements.
Many factors may cause actual results, performance or achievements of
LendInvest to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Important
factors that could cause actual results, performance or achievements of
LendInvest to differ materially from the expectations of LendInvest, include,
among other things, general business and economic conditions globally,
industry trends, competition, changes in government and changes in regulation
and policy, changes in its business strategy, political and economic
uncertainty and other factors. As such, undue reliance should not be placed on
forward-looking statements. Any forward-looking statement is based on
information available to LendInvest as of the date of the statement. All
written or oral forward-looking statements attributable to LendInvest are
qualified by this caution. Other than in accordance with legal and regulatory
obligations, LendInvest undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future
events or otherwise. Nothing in this announcement should be regarded as a
profit forecast.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISBLGDXSSGDGXB