Directorate Change

Lendinvest PLC

05 May 2023

 

LEI: 213800NWMK3O4UWP9N91

5 May 2023

LendInvest plc

Directorate Change

LendInvest plc (AIM: LINV; "LendInvest"), the UK's leading platform for mortgages, announces that Michael Evans has resigned from his position as Chief Financial Officer and will leave the business and his position as executive director on 31 July 2023 (including as executive director of LendInvest Secured Income plc and LendInvest Secured Income II plc).

Following a comprehensive selection process, assisted by external advisors, David Broadbent has been selected as successor to Michael. David will join LendInvest on 9 May 2023 and will work with Michael to transition responsibilities, with the intention of succeeding Michael as Chief Financial Officer and joining the Board as an Executive Director on 31 July 2023.

David has held multiple executive positions throughout his career in the finance industry, including Chief Financial Officer and Chief Executive Officer at Fairpoint Group Plc, Finance Director and Chief Commercial Officer at International Personal Finance Plc and most recently Chief Financial Officer at Bank North.

Michael Evans has exercised all of his share options which he is entitled to exercise under the Company Share Option Plan. A separate PDMR dealing notification will follow this announcement.

Rod Lockhart, Chief Executive Officer, commented: "I would like to sincerely thank Michael for his vital contribution and dedication to LendInvest over the past five years, a momentous period for the company that included our IPO in 2021 and transition to the public markets. We wish him the very best for the future.

We are delighted to welcome David to the business as we progress into the next stage of our growth journey and his deep experience in both the fintech and specialist lending space will be invaluable to our development and continued success as the UK's leading platform for mortgages. We are greatly looking forward to working with him."

Michael Evans commented: "It has been a real privilege to play a part in the development of LendInvest and to work alongside Rod and the executive team. I'm very proud of all we have achieved and look forward to seeing how the company continues to evolve and grow in the future."

David Broadbent commented: "LendInvest has an exciting future ahead in the UK mortgage space, having already made great strides in disruption. I am thrilled to be working with the Board, the senior management team and all colleagues at LendInvest to support this continued development in the years to come"

Enquiries:

Rod Lockhart, Chief Executive Officer Alex Dee, Head of Investor Relations Leigh Rimmer, Head of External Communications [e-mail]	[phone]
Panmure Gordon (NOMAD and Joint Broker)                               Atholl Tweedie / Stephen Jones / Tom Scrivens	[phone]
finnCap Limited (Joint Broker)                                                               Jonny Franklin-Adams / Tim Redfern	[phone]
Teneo (Financial PR)                                               Tom Murray / Ed Cropley / Olivia Lucas	[phone]

Additional information

Summary of Michael Evans' remuneration arrangements on exit

Michael Evans will be treated in accordance with LendInvest's Directors' Remuneration Policy and the terms of his service contract. To support the succession and transition process, Michael will continue to receive his base salary until he leaves LendInvest. He will be eligible to receive bonuses which will be determined by the Remuneration Committee based on a combination of business and individual performance during FY 2023. He will not be eligible to receive any further LTIP awards.

About LendInvest

LendInvest is a leading platform for mortgages in the United Kingdom. Since inception we have developed proprietary technology and digital solutions that have allowed us to capture market share from incumbents and attract significant third-party capital.

We use our technology to disrupt the £1.7 trillion* property finance market which is dominated by manual paper processes and poor customer experience. Our platform, unencumbered by legacy systems, offers attractive products and pricing to borrowers and intermediaries through a seamless and customer-focused process. In addition, it also provides us with a highly scalable origination platform for future growth.

Experts in Real Estate investment, we have designed a variety of solutions and products for our investors. These range from funds and separate accounts to financial partnerships and RMBS. These products are tailored to address their specific risk return and investment criteria. Through the platform, investors from around the world gain exposure to attractive UK property finance assets without requiring them to establish direct lending operations or borrower services.

Our innovative business model is underpinned by our proprietary end-to-end technology infrastructure, which facilitates operating leverage and delivers better pricing for our customers. This drives efficiency and underpins our business' roadmap for growth.

Source:
^*FCA -The outstanding value of all residential mortgage loans was £1.7 trillion at the end of Q4 2022.

 

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