P2P GI’s C Share Issue Oversubscribed – Raises £250m

By Ryan Weeks on 27th January 2015

P2P/Marketplace Lending

P2P GI has successfully raised £250m via a much-anticipated C Share offering.

P2P GI’s C Share Issue Oversubscribed – Raises £250m

The news follows the publication of its Prospectus and the announcements made on 12 January 2015 and 23 January 2015 respectively. P2P GI’s Placing and Intermediaries Offer is now oversubscribed and has closed. The prominent peer-to-peer focused investment trust raised gross proceeds of £250m via the issue of 25 million C Shares. 24,098,657 C Shares will be issued under the Placing, with a further 901,343 to be issued pursuant to the Intermediaries Offer.

Simon Champ, CEO of Eaglewood Europe – P2P GI’s investment sub-management company – commented:

“We have been flattered by the strong interest that has been shown by a range of high quality investment institutions.”

The C Shares are expected to hit the London Stock Exchange and start trading at 8am on 29 January 2015. The value of P2P GI’s shares climbed by 14% between its IPO in May 2014 and early January 2015. The idea of issuing further shares was first floated back in November of last year. By the end of that month the initial £200m was 77% invested and, according to investment bank Liberum, was on track for full deployment by the end of January. We’ve not yet heard word as to whether that target will be fulfilled – but we suspect that full deployment isn’t far away.

The freshly raised £250m is a reflection of the rampant demand from investors looking to gain exposure to peer-to-peer loans via a fund structure. 

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