Junior Funding Commitment
Sancus Lending Group Limited announced the issuance of £1.5 million in preference shares in its subsidiary, Sancus Loans Limited, to Somerston Fintech Limited. These shares carry a 15% non-cash, cumulative coupon and will mature in November 2026. This issuance falls under the previously announced Somerston Junior Funding Commitment of up to £10 million. Following this transaction, £3.6 million remains undrawn from the total commitment. The capital injection into Sancus Loans Limited will support the growth of the Group's loan book by increasing capital deployed in one of its existing funding lines.
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Further to its announcement of 30 January 2025, Sancus Lending Group Limited (AIM: LEND) announces that it has issued £1.5 million of preference shares in Sancus Loans Limited, a subsidiary of the Company, to Somerston Fintech Limited ("Somerston Fintech"), a subsidiary of Somerston Group, the majority shareholder of the Company.
The issue of these preference shares, which have a non-cash, cumulative coupon of 15% and mature in November 2026, has been made under the Somerston Junior Funding Commitment of up to £10 million, details of which were announced by the Company on 30 January 2025. Following the preference share issue, and having regard to amounts drawn to date, £3.6 million of the Somerston Junior Funding Commitment remains undrawn.
This preference share issue will increase the capital deployed in Sancus Loans Limited used for one of the Group's existing funding lines, enabling it to grow the Group's loan book.
Capitalised terms not defined in this announcement have the meanings given to them in the Company's announcement of 30 January 2025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.