Legal Proceedings Report • Jul 24, 2018
Legal Proceedings Report
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National Storage Mechanism | Additional information
RNS Number : 5672V
P2P Global Investments PLC
24 July 2018
24 July 2018
The Company wishes to clarify the position in relation to one of its underlying investments, URICA, in which it has an equity investment and provides a revolving credit facility. The equity investment is in URICA Limited, a company domiciled in Scotland, which has a carrying value of c£5.5m (as at the last published NAV). The initial investment was made in October 2015. URICA Limited was placed into provisional liquidation on 20 July 2018 by the Court of Session in Edinburgh, and as a result the Company has concluded that its equity investment should be written off. This represents 0.74% of the Company's last published NAV.
The Company has provided a revolving credit facility to URICA Europe Limited, a Jersey vehicle established to acquire interests in English and French invoice finance receivables for which URICA Limited acts as servicer. The outstanding exposure is c£24.4m. URICA Europe Limited has not been placed into administration, and is not part of the URICA Limited group and its ownership of receivables is bankruptcy remote from the insolvency estate of URICA Limited. New funding under the revolving credit facility has been restricted and the Company is working with key contacts within URICA Limited and other counterparties to ensure that the receivables owned by URICA Europe Limited continue to be serviced and managed effectively. The receivables are short term in nature and also benefit from credit insurance.
The Company will publish its monthly NAV for June 2018 in the usual way on or around 26 July 2018.
| Contact Information: | |
| Enquiries: | |
| PSC Eaglewood Europe LLP | +44 (0)20 3948 7379 |
| Media enquiries: | |
| Boscobel & Partners | + 44 (0)203 642 1310 |
END OF ANNOUNCEMENT
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