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

LendinvestAnnouncement

05/01/2024 07:00

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RNS Number : 7185Y  Lendinvest PLC  05 January 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.

LEI: 213800NWMK3O4UWP9N91

5 January 2024

 

LendInvest plc

 

Sale of residual economic interest in securitisation

 

LendInvest plc (AIM: LINV, "LendInvest" or the "Group"), a 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 2023-1 plc securitisation for a net consideration of £5 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 c£392 million. The transaction will generate a net pre-tax gain of c£12.1
million for FY2024.

 

Rod Lockhart, Chief Executive Officer of LendInvest, said: "We are delighted
to have successfully completed this sale, which will strengthen our balance
sheet, and underlines our focus on returning the business to profitability.

 

 

 

 

--Ends--

 

 

Enquiries:

LendInvest via
Teneo
+44 (0)20 7353 4200

Rod Lockhart, Chief Executive Officer
 

David Broadbent, Chief Financial Officer

Hugo Davies, Chief Capital Officer

Leigh Rimmer, Head of
Communications

investorrelations@lendinvest.com

 

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

Atholl Tweedie

David Watkins

 

Cavendish (Joint Broker)
 
 
                                +44 (0)20 7220
0500

Jonny Franklin-Adams

Tim Redfern

 

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

Tom Murray

Ed Cropley

Olivia Lucas

 

 

Important Notices

The information contained in this announcement is for information purposes
only.  This announcement has been prepared in accordance with English law,
the UK Market Abuse Regulation and the AIM Rules for Companies and information
disclosed may not be the same as that which would have been prepared in
accordance with the laws of jurisdictions outside England.

Subject to the requirements of the UK Market Abuse Regulation and the AIM
Rules for Companies, the delivery of this announcement shall not create any
implication that there has been no change in the affairs of LendInvest or any
group company since the date of this announcement or that the information in
this announcement is correct as at any time subsequent to its date.

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 and members of its group 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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