Image Image Image Image Image Image Image Image Image Image

Peer2Peer Finance News | October 17, 2018

Scroll to top

Top

Funding Circle SME Income Fund readies prospectus for new share issues

Funding Circle SME Income Fund readies prospectus for new share issues
Marc Shoffman

FUNDING Circle’s listed investment trust is planning another 12-month programme of share issues.

The Funding Circle SME Income Fund (FCIF) has provided a stock market update, revealing a new prospectus will be published to allow for an equity issue in the next few months and flexibility for more in the future.

“The board announces that it has instructed the company’s advisers to make arrangements for the publication of a new prospectus intended to facilitate over the next few months a further equity issue in the form of C shares or ordinary shares and to provide flexibility for further issuance through a twelve month programme,” the fund said.

FCIF embarked on a similar programme last year, publishing a new prospectus allowing for up to 500 million new shares to be issued in the 12 months to February 2018.

Last month it raised £25.5m through the oversubscribed sale of treasury shares.

Funding Circle SME Income Fund (FCIF), which is quoted on the London Stock Exchange, said on Friday that it had sold 24,928,394 shares to a range of existing and new investors.

The investment trust is currently on a premium to net asset value (NAV) of 7.6 per cent.

It has posted NAV returns of 15.3 per cent since launch in 2015 and is currently on a dividend yield of 6.1 per cent.

Read more: European Investment Fund and KfW back Funding Circle securitisation