P2P Global let down by widening discount

P2P Global has published its accounts for the year ended 31 December 2015. P2P Global says it achieved positive NAV returns in every month of 2015, delivering a total NAV return of 6.56% for the ordinary shares. The capital raised for the C shares issued in late July 2015 was deployed in Q3 and Q4 2015. The total NAV return for these shares was 0.99%. P2P paid 6.12% in dividends to ordinary shareholders on the average NAV for the year.

Over the year the Company’s ordinary share price declined by 14.7% closing the year at 1007p and the price for the C shares issued in July 2015 declined by 5.1% closing the year at 978p.

The manager says the return for the year is in line with the company’s target return. As the gearing ratio reaches the target level, the Investment Manager expects further incremental uplift to the returns. The Investment Manager currently has a target gearing ratio between 90% and 110% (debt to equity) which it expects to achieve over the course of 2016.

P2P : P2P Global let down by widening discount