Shareholders in Plenti should be aware that the data provided in this report only relates to the PLP and does not provide a complete picture of Plenti’s total loan portfolio. Shareholders should refer to Plenti’s ASX releases for data in relation to the performance of the entire Plenti loan portfolio.
|PLP lending statistics at 31 March 2022|
|Total amount lent1||$894,173,264|
|Total principal repaid1||$692,053,347|
|PLP Loan book||$202,119,917|
|Number of loans outstanding||18,854|
|Average outstanding loan amount||$10,720|
|Weighted average remaining term||38 months|
PLP loan book
Plenti has paid investors in the PLP over $74 million in interest since inception, with each investor receiving all amounts of principal and interest due.
An important feature of the PLP is the Provision Fund. The Provision Fund comprises cash held on trust for the benefit of members who invest via the PLP and is designed to help protect them from loss in the event a borrower misses a payment or defaults. Information on the Provision Fund position at 31 March 2022 is set out below.
|Provision Fund at 31 March 2022 |
|Cash in Provision Fund1||$14,269,188|
|Expected Provision Fund inflows2||$2,233,212|
|Provision Fund buffer3||$16,502,400|
|Estimated Provision Fund coverage ratio4||209%|
|Claims made on Provision Fund to date ||100% of late payments & defaults|
|Claims paid by Provision Fund to date||100% of total claim value|
1 Funds currently held as cash at bank
2 Expected Provision Fund inflows represents contracted PLP borrower contributions to the Provision Fund due over the lifetime of outstanding PLP loans, adjusted to reflect expected early repayments and bad debt
3 Provision Fund buffer is the sum of money in the Provision Fund and expected future Provision Fund inflows
4 Provision Fund coverage ratio is calculated as estimated future lifetime losses from the current PLP loan book over the Provision Fund buffer