Sancus Lending Group Limited Trading Update and ZDP buyback programme (5708S)
15 Juillet 2022 - 8:00AM
UK Regulatory
TIDMLEND
RNS Number : 5708S
Sancus Lending Group Limited
15 July 2022
15 July 2022
Sancus Lending Group Limited
("Sancus", the "Company" or "Group")
Trading Update and ZDP buyback programme
Trading Update
Sancus today announces an update on trading for the first six
months to 30 June 2022.
The Group has been focussed on expanding in UK and Ireland over
the last year and the Offshore business remains stable, with work
being undertaken to return that business to growth. The Group is
pleased to report that in the first six months of 2022 it has seen
new loan facilities written of GBP87m compared to GBP83m* for the
full year 2021. The impressive growth rate reflects a 62% increase
in comparison to the six months to June 2021, when GBP53m of new
loan facilities were written. These figures are in line with
expectations. Management remain focused on the maintenance of
robust institutional grade credit processes whilst continuing to
deliver growth.
The Board is encouraged by the momentum, and expects that new
loan facilities written will drive revenue growth in the second
half of 2022; reflecting the lag in fee generation as the loan book
grows.
The Group continues to ensure it has a diversified pool of
funding lines to support the growth in new loan facilities,
including institutional funding, co-funders and the loan note
programme, and is optimistic about the future. The Group also
continues to increase the proportion of its loan book funded off
balance sheet and optimise its use of capital.
The Group's Interim Results for the period to 30 June 2022 (the
"Interim Results") will be issued at the end of September 2022.
ZDP Buyback Programme
The Group is focussed on its long-term finance strategy,
including the role holders of the Company's ZDP shares (the "ZDP
Shares") are intended to play in this strategy - the Board
recognises their support is key at this stage in the Group's
development. The Company has had initial discussions with certain
of the ZDP shareholders on the options available, including a
potential re-financing, part repayment and/or extension of the
ZDPs, bearing in mind the maturity date of 5 December 2022. While
no formal decision has been made by the Board, any restructuring
plan could involve the launch of a formal tender offer process, in
due course, by way of a part repayment of the ZDP Shares. Alongside
these considerations, the Company continues to review other options
for a partial return of capital to ZDP shareholders, so to ensure
it uses any excess capital in the best interest of all
stakeholders.
The Company announces that it has appointed Liberum Capital to
manage a ZDP share buyback programme today (the "Buyback
Programme"), to purchase up to GBP0.5m of the ZDP Shares pursuant
to the authority granted to the Directors by shareholders at the
Group's AGM in May 2022. The Buyback Programme will continue until
such time as the Company enters into a close period in respect of
its Interim Results, expected to take place at the end of August,
or if otherwise cancelled by the Company (if earlier).
In accordance with the resolution passed at the AGM, purchases
made pursuant to the Buyback Programme must be a) at a maximum
price (exclusive of expenses) paid per ZDP Share of 105% of the
average of the middle market quotations (as derived from the Daily
Official List) of the ZDP Shares for the five business days
immediately preceding the date of purchase and b) at a minimum
price paid per ZDP Share of GBP0.01.
The Company has 19,101,384 ZDP Shares in issue, of which
12,235,748 ZDP Shares are held in treasury. ZDP Shares purchased
pursuant to the Buyback Programme will be held in treasury.
Shareholders should be aware that a purchase of ZDP Shares by
the Company on any trading day may represent a significant
proportion of the daily trading volume in the ZDP Shares and could
exceed 25 per cent. of the average daily trading volume of the
preceding 20 business days.
*Adjusted 2021 figure, previously reported loan facilities for
full year 2021 was GBP80m.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 (as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018) and has been announced in accordance with
the Company's obligations under Article 17 of that Regulation.
For further information, please contact:
Sancus Lending Group Limited
Rory Mepham
+44 (0)1481 708 280
Liberum Capital (Nominated Adviser and Corporate Broker)
Chris Clarke
Lauren Kettle
Edward Thomas
+44 (0) 20 3100 2190
Instinctif Partners (PR Advisor)
Tim Linacre
Victoria Hayns
+44 (0)207 457 2020
Sanne Fund Services (Guernsey) Limited (Company Secretary)
Matt Falla
Katrina Rowe
+44 (0)1481 755530
LEI: 213800S2XOO3YSEGCA26
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