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Funding Circle SME Income report a solid set of results – Funding Circle SME Income Fund (FCIF) delivered its annual financial report for the 12 month period to 31 March 2018.
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In April 2017, the company issued 142 million C shares at a price of £1 per C share raising net proceeds of £139,870,000 after issue costs of £2,130,000. The C shares were admitted to the premium segment of the Official List of the UK Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market on 12 April 2017. The C shares converted to ordinary shares on 20 December 2017 (note 9).
In January 2018, the company entered into the Citibank transaction to establish Lambeth to make loans to UK small businesses through the Funding Circle platform. Under the terms of the agreement, Citibank London (“Citibank”) provided £50 million into the transaction, by entering into a senior floating rate loan. The group contributed a portfolio of existing UK small business loans with a value of £53,472,022 (note 4).
In February 2018, the company issued 24,928,394 new ordinary shares at a price of 100.23 pence per share to be held in treasury. The net cash position of the company following these transactions remained unchanged. In May 2018, the company’s ordinary shares currently held in Treasury (the “Treasury Shares”) were made available to meet market demand from existing and new investors (note 10).
The company issued scrip dividends during the year amounting to £2,009,470 and 1,953,598 shares (2017: £702,909 and 685,063 shares).
Funding Circle SME Income Fund Limited is a closed-ended investment company incorporated with liability limited by shares in Guernsey under The Companies (Guernsey) Law, 2008 (as amended), on 22 July 2015.
The company’s investment objective is to provide shareholders with a sustainable and attractive level of dividend income, primarily by way of investment in credit assets as defined in the company’s prospectus.
FCIF : Funding Circle SME Income report a solid set of results
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