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24 Jul 2018 | 13:25

P2P Global writes off investment in Urica

P2P Global Investments said it had written down the value of its investment in Scottish group Urica after it was placed into provisional liquidation.

The investment had a carry value of around £5.5m and represented 0.74% of the company last-published net asset value.

P2P also said it had provided a revolving credit facility to Urica Europe, a Jersey vehicle established to acquire interests in English and French invoice finance receivables, for which Urica acted as servicer.

The outstanding exposure was £24.4m, though Urica Europe had not been placed into administration, P2P said.

'New funding under the revolving credit facility has been restricted and the company is working with key contacts within Urica and other counterparties to ensure that the receivables owned by Urica Europe continue to be serviced and managed effectively,' it said.

'The receivables are short-term in nature and also benefit from credit insurance.'

At 1:25pm: (LON:P2P) P2P Global Investments Plc share price was -5.5p at 823.5p

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