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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Secure Trust Bank Plc | LSE:STB | London | Ordinary Share | GB00B6TKHP66 | ORD 40P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -14.00 | -2.00% | 686.00 | 684.00 | 690.00 | 698.00 | 680.00 | 680.00 | 10,074 | 16:28:42 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Commercial Banks, Nec | 185.5M | 24.3M | 1.2796 | 5.36 | 130.27M |
From May 2019 to May 2024
TIDMSTB
RNS Number : 1329A
Secure Trust Bank PLC
21 December 2017
Press Release
Immediate Release
21 December 2017
Secure Trust Bank PLC ("STB", "Secure Trust Bank" or the "Company")
Sale of Unsecured Personal Loan Portfolio
The Board of Secure Trust Bank PLC announces that STB has today sold a portfolio of unsecured personal loans to Alpha Credit Solutions 8 S.à.r.l., a company owned by AnaCap Credit Opportunities III LP.
As previously highlighted, STB made the decision to withdraw from the unsecured personal loan market in 2016. The sale of the portfolio represents a full exit by STB from the unsecured personal loan market. The net book value of the portfolio as at 30 June 2017 was GBP48.5 million.
The portfolio contributed GBP2.1 million to profit before tax in FY16 and GBP1.3 million in 1H17, with the 1H17 result reflecting an improved loan impairment performance. The cash purchase consideration for the portfolio was calculated based on an agreed price for the portfolio as at 30 June 2017, adjusted for cash receipts STB has already received from the portfolio during the period up to the date of completion.
The net proceeds of sale, after transaction costs and subject to certain minor completion adjustments, are expected to amount to approximately GBP36.6 million which will be used for general corporate purposes including other forms of lending.
The effect of the transaction is to accelerate capital realisation to reinvest into STB's core business while removing any future credit risk associated with the portfolio. The profit arising on sale of the portfolio is expected to be approximately GBP0.5 million.
STB will continue to administer the portfolio until the completion of a migration of the portfolio to a third party administrator appointed by the purchaser. This is expected to have been completed by 14 March 2018.
The sale and purchase agreement contains customary warranties and indemnities for a transaction of this nature.
Enquiries:
Secure Trust Bank PLC
Paul Lynam, Chief Executive Officer
Neeraj Kapur, Chief Financial Officer
Tel: 0121 693 9100
Stifel Nicolaus Europe Limited (Joint Broker)
Robin Mann
Gareth Hunt
Stewart Wallace
Tel: 020 7710 7600
Canaccord Genuity Limited (Joint Broker)
Andrew Buchanan
Sunil Duggal
Tel: 020 7523 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISUARNRBBAUUAA
(END) Dow Jones Newswires
December 21, 2017 11:09 ET (16:09 GMT)
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