Funding Circle SME Income Fund Near Doubles In Size With Placing (ALLISS)

LONDON (Alliance News) - Funding Circle SME Income Fund Ltd on Friday ...

Alliance News 7 April, 2017 | 8:43PM
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LONDON (Alliance News) - Funding Circle SME Income Fund Ltd on Friday said it has raised GBP142 million in a placing of 142 million C Shares at 100 pence, nearly doubling the fund's size.

Shares in Funding Circle SME were up 0.4% at 103.25 pence Friday.

It will use the proceeds of the share issue for investments in line with its investment policy and objective, with some being retained for working capital purposes. The fund lends to small businesses through the marketplaces of Funding Circle.

It intends for the proceeds to be "substantially invested" and for the C shares to be converted into ordinary shares within nine months.

"We are delighted with the very positive response to this issue, which will almost double the size of the company to in excess of GBP300 million. This success is a strong endorsement of the company's performance to date, where we continue to achieve stable returns for our shareholders. We are excited to make further loans to small businesses in the UK, US and Continental Europe on behalf of new and existing investors," said Chairman Richard Boleat in a statement.

By Hana Stewart-Smith;; @HanaSSAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Funding Circle SME Income Fund Ord 103.00 GBX -1.90 -
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