Share Name Share Symbol Market Type Share ISIN Share Description
P2p Global Investments Plc LSE:P2P London Ordinary Share GB00BLP57Y95 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 826.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
822.00 826.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 120.90 32.45 41.77 19.8 617
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 826.00 GBX

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Date Time Title Posts
05/11/201909:51P2P Global 511

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P2p Global Investments Daily Update: P2p Global Investments Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker P2P. The last closing price for P2p Global Investments was 826p.
P2p Global Investments Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 74,668,690 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of P2p Global Investments Plc is £616,763,379.40.
thompson_alan: P2P Global Investments (P2P) Numis Securities believes there could be a pick-up in P2P Global Investments’ sorry share price. The largest of the listed funds in the direct lending sub-sector, P2P lost investors’ confidence when currency hedging costs and rising delinquencies on its high US consumer exposure meant it failed to hit its annual return target of 6-8%. Earlier this year, its manager merged with Pollen Capital, the manager of its more successful and UK-focused rival Honeycomb (HONY). With the discount on the shares having widened to 22% - giving it a Z-score of 1.1% - and a strategy update expected early next month, Numis analyst Sam Murphy is cautiously optimistic, writing this week that: ‘We now see only modest downside, with the potential for the discount to narrow if returns start to pick-up or if the November strategy update provides an improved outlook. The fund is paying quarterly dividends at a rate of 12p, equivalent to 48p pa and a 6.1% yield on the current share price. We expect that over time P2P’s portfolio will look a lot more like Honeycomb IT, which is also managed by Pollen Street. ‘This raises potential for a merger in future, in our view, and it is notable that Invesco Asset Management is the largest shareholder in both funds,’ he said.
aroon001: And why is the share price tanking? the monthly nav was ok even if it is partly due to buy backs. anything we missing?
aroon001: This post makes no sense to me. Buy backs weren't supporting the price recently. Was the news of lower fees and change of investment manager. When you say everyone sold out around 900p who are you talking about? There's no news of mass selling of the stock that I've missed? And why would 'everyone' logically sell out in absence of new negative information anyhow. The recent share price drop last week or two is probably due to Friend Providrnt news nothing to do with buy backs.
aroon001: Good news, I guess the share price has reflected this already. 15% performance is still on the high side for a fixed income fund but much better now it has a hurdle (though 5% hurdle when the target is 7.5% is a bit harsh). Our interests are aligned. Shame nothing more concrete on managing the discount to NAV. I'm not sure why a quarterly buyback at say 10% discount, of a minimum amount of shares wasn't announced. Would have immediately raised the share price with minimal cost. Though if dividends move up to 60p per year, I imagine the share price will rise anyway. I think it was Anley that sold up, I never exited, for me I'm holding these shares long term for income in the kids names. The discount to NAV, whilst annoying since I bought at IPO, is not so important for me currently, though it would be if it stayed like this permanently.
aroon001: Perhaps. If the investment manager just sits there whilst the share price falls 30% and it takes major shareholders to make them think twice about their strategy, it would be far more preferable to replace the investment manager. Focusing more on the UK at a time when UK economy is slowing doesn't seem aparticularly astute call. Other things like focusing on more secure debt - why haven't they been doing that before if it was such a good idea and it reads like complete nonsense that secured credit would have higher yields than unsecured. id prefer: 1) change of manager 2) adjustment of fees to include a hurdle rate 3) quarterly buy back of shares at 5% below NAV to anyone who wants to exit.
aroon001: I dont think the mkt makers are forcing anyone out. The returns just haven't been that good to justify a higher share price. If investors expect say a 6% yield then 800p seems fair. Why the returns have been low is another issue. Seems like it's default rates have been somewhat higher. Plus the costs (including the ridiculous performance fee) are eating away at the returns.
aroon001: Interesting that there are still sellers at 20% discount even with this announcement. Clearly it will take a few 0.5s 0.6s to really get the share price moving higher from here. Just re reading the announcement it cud be that nothing has changed in terms of volumes bought etc except that it is Liberium buying with their own discretion instead of the fund manager. In which case perhaps shudnt have much effect on share price.
rl34870: VPC have just produced an excellent investor presentation on their website which produces a lot of the info we need for P2P which is well worth a read even if you're not invested in it. Don't be too discouraged about their marketplace loan defaults as their loans are typically bands E and F whereas P2P,s are A to D. I suspect P2P will produce a further presentation ( they did a good one in February this year) when they are a little bit clearer about the future path of defaults rates. After all the rest is just tinkering, the main determinant of the share price is default rates.
rl34870: Yes I was also optimistic at 830 so it is disappointing but on balance I feel that this company is a quality operation. Market sentiment tonwards tis sector is very poor at the moment which is why the share price is where it is. A steady share buy back is all they can really do and you only have to look at the share price swings of oil majors, banks etc to see how short term the market is. Definicely not a good time to sell.
davebowler: Liberum on 8th June; P2P Global Investments (BUY) Lending Club indicates stable credit performance and interest rate uplift Event Lending Club yesterday released an update regarding its standard programme loans including an uplift in average interest rates and a tightening in credit criteria. Lending Club also indicated recent credit performance continues to be stable. The company expects a slight improvement in gross losses although this may be offset by slightly lower recoveries with a resultant unchanged expectation for net losses. As a reminder, 60.5% of P2PGI's portfolio is invested in US consumer loans. The exact breakdown by platform is not disclosed but we estimate over half of P2PGI's US consumer loans were originated from Lending Club. P2PGI's investments are concentrated in the higher quality A-C rated loans which we believe account for 80-90% of the fund's US consumer exposure. Lending Club is increasing the average interest rates across its portfolio to boost the attractiveness of the asset to investors. Interest rates will increase by an average of 55 bps and the changes are concentrated in grades D, E and F (Figure 1). Furthermore, the maximum debt to income criteria is being reduced to 35% (from 40%) across the standard loan programme. Loan volume is likely to be reduced by 5% as a result and will mainly impact grades E-G. There is still a lot of uncertainty over the developments at Lending Club and the decision to delay yesterday's annual shareholder meeting at short notice will do little to assuage concerns (the share price fell 7.4% yesterday). We also note press reports that former CEO Renaud Leplanche is in discussions with private equity groups to fund a potential buyout for Lending Club. Liberum view Over the medium term, the change to interest rates will be beneficial for P2PGI given the increased return available although the NAV is likely to be impacted in the short term by mark-to-model changes in the value of P2PGI's US assets held within the Eaglewood Income Fund. This valuation takes into account a number of factors including Lending Club interest rates. These assets are revalued as it is an open-ended fund with other LP investors and the fair value is used to price the units in the fund. All of the other loans held within P2PGI's portfolio are held at cost. The markdown should unwind over the term of each loan as they are held to maturity. Lending Club's statements regarding the credit performance of the loans is encouraging and is backed up by statistics from the loan book data. There has been a divergence in the credit performance of the higher and lower quality loans. Gross charge-off rates for higher quality loans (graded A-C) are in line with expectations (Figure 2) and this is where the majority of P2PGI's capital is deployed. Lower quality loans (graded D-G) have experienced a steady increase in gross charge-off rates which explains the larger rate rise for these grades.
P2p Global Investments share price data is direct from the London Stock Exchange
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