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

LendinvestAnnouncement

19/04/2023 15:30

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RNS Number : 8022W  Lendinvest PLC  19 April 2023

 

 

 

LEI: 213800NWMK3O4UWP9N91

19 April 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, through its wholly owned subsidiary, LendInvest BTL
Limited, announces that it has today successfully completed the sale of its
non-risk retention residual economic interest in the Mortimer BTL 2021-1 plc
securitisation for a cash consideration of £8.565 million (the
"Transaction"). Citi purchased the residual economic interest 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 results in a reduction in the Group's gross loans and advances of
£236 million. The Transaction also generates a net pre-tax profit of £10.8
million(1) for the year ended 31 March 2024, recognised through the P&L.

 

The Group continues to pursue further potential sales of financial assets
currently held on its balance sheet in the current financial year which are
expected to offset (or partially offset) the effect of the Transaction in
P&L terms. As such, Management's expectations of the Group's performance
for the year ended 31 March 2024 remain unchanged.

 

(1) The difference between the cash consideration and the Group's net gain is
driven by the Group no longer consolidating the Mortimer BTL 2021-1 plc
securitisation entity into the Group's results.

 

 

 

Enquiries:

LendInvest via Teneo
                                            +44 (0)20
7353 4200

Rod Lockhart, Chief Executive
Officer

Michael Evans, Chief Financial Officer

Alex Dee, Head of Investor Relations

Leigh Rimmer, Head of External Communications
 
 

investorrelations@lendinvest.com

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

Atholl Tweedie / Stephen Jones / Tom Scrivens

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

Jonny Franklin-Adams/George Dollemore (Corporate Finance)

Tim Redfern/Alice Lane (ECM)

Teneo (Financial
PR)
+44 (0)20 7353 4200

Tom Murray / Ed Cropley / 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.

 

 

 

 

 

 

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