REG - Sancus Lending Group - Trading Update and Proposed Amendments to Bonds

Sancus LendingAnnouncement

09/10/2024 07:00

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RNS Number : 4414H  Sancus Lending Group Limited  09 October 2024

 

Sancus Lending Group Limited

9 October 2024

Sancus Lending Group Limited

("Sancus" or "the Company")

Current Trading Update and Proposed Amendments to the Sancus Bonds

The Company today provides an update on its current trading and announces that
it is seeking the approval of holders of the Company's 7% unsecured bonds due
2025 (the "Bonds") for amendments to the Bonds.

Current Trading

Since the Company's interim results to 30 June 2024, the Company has continued
to trade in line with management's expectations.  In the eight months to 31
August 2024 the Company achieved revenues of £10.0 million versus £7.8
million in the eight months to 31 August 2023.  As at 31 August 2024 the
Company had written £67 million of new loan facilities in the year to date
versus £51 million as at 30 June 2024.  As at 31 August 2024 loans under
management were £218 million.  The Company continues to experience stable
credit quality and management is confident of continued growth in its loan
volumes for the remainder of 2024 as it continues to work towards achieving
long term profitability.

Proposed Amendments to the Bonds

The Company is seeking to extend the maturity date of the Bonds from 31
December 2025 to 31 October 2027 and is offering to increase the coupon
payable for the remaining duration of the Bonds from 7% to 8%.  In addition,
the Company is seeking to increase the maximum principal amount of the Bonds
that may be issued from £15 million, up to the maximum level of borrowing
prescribed by the terms of the Company's ZDP Shares (subject to exclusions) of
£30 million(.)  As at 30 June the Company had total borrowings of £27
million, comprising £15 million in respect of the Bonds and £12 million in
respect of the carrying value of the Company's ZDP Shares.

Full details of the proposed Bondholder Resolution will be set out in the
Bondholder Circular being distributed to Bondholders today.  If the proposed
resolution is passed it will take effect from 31 October 2024.

For further information, please contact:

Sancus Lending Group Limited

Rory Mepham

Keith Lawrence

+44 (0)1481 708 280

 

Panmure Liberum Capital Limited (Nominated Adviser and Corporate Broker)

Chris Clarke

William King

+44 (0) 20 3100 2000

 

Instinctif Partners (PR Advisor)

Hannah Scott

Augustine Chipungu

+44 (0)20 7457 2020

 

Apex Group Ltd

Matt Falla

Nicola Momberg

+44 (0)1481 755530

 

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