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Peer2Peer Finance News | September 23, 2019

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P2PGI’s NAV recovers to highest level for 2018

P2PGI’s NAV recovers to highest level for 2018
Marc Shoffman

P2P GLOBAL Investments (P2PGI) saw its net asset value (NAV) recover during July, posting its best monthly performance for 2018.

The alternative finance-focused investment trust reported on Monday that its NAV had increased by 0.52 per cent in July.

This followed a 0.14 per cent drop during June due to P2PGI’s exposure to defunct supply chain platform Urica.

The London-listed fund wrote off an equity investment worth around £5.5m in Urica last week after the firm put itself into liquidation following a fraud attack in France earlier in the year.

Urica, which has in the past received government funding to help boost small- and medium-sized enterprise (SME) finance, put itself into liquidation after failing to recover from a fraud attack in France earlier in the year.

A stock market announcement from P2PGI revealed the investment trust had an equity position in Urica and provided a rolling credit facility to Urica Europe, which is a separate legal entity to Urica and is not in liquidation.

The equity investment was made in October 2015 and is worth around £5.5m but as a result of the liquidation has now been written off, P2PGI said.

The investment trust has an outstanding exposure of £24.4m to Urica Europe.

The latest monthly update shows P2PGI has returned 2.2 per cent so far this year and 17.11 per cent since inception.

The investment trust is currently trading at a discount to NAV of 18.1 per cent.

Read moreP2PGI NAV grows again but legacy issues remain