P2P GI will increase the amount it is looking to raise through its C Share Issue to £250 million. The C shares are being issued at £10 per share and due to extremely high demand the number of shares to be issued has been raised from 20 million to 25 million. Assuming full subscription this would increase the gross proceeds from £200 million to £250 million.
“We have been flattered by the strong interest that has been shown by a range of high quality investment institutions."
However, the Directors still have the right, in consultation with Liberum Capital, to increase the size of the issue up to 30 million if overall demand is sufficient.
The latest time and date that commitments can be placed is 5.00pm on 26th January. According to the timetable laid out in their prospectus the shares should start trading on the 29th January.
P2P GI’s share price is currently at 1,128.00p. It has performed well since it launched in May last year at 1,105.00p and that performance has been maintained since the announcement of the C share issue. The approach of replicating the initial raise with a new share class, rather than diluting the existing class, has been extremely well received.
P2P Global Investments first raised £200 million by floating on the London Stock Exchange in May 2014. It was first proposed back in November 2014 that the company would consider a further equity fundraise in Q1 2015 if the market conditions were right.
At the end of November P2P GI was 77% invested and according Liberum is on track to be fully deployed by the end of January.
“We have successfully deployed the majority of the capital we raised in May. Since then we have expanded the number of platform relationships we have and the underlying demand for reasonably priced loans from high quality borrowers continues to grow, as a result our opportunity set is growing quickly.”