Announcement • May 21
Sancus Lending Group Limited, Annual General Meeting, Jun 09, 2026 Sancus Lending Group Limited, Annual General Meeting, Jun 09, 2026. Location: windsor house, lower pollet, st peter port, Guernsey New Risk • Mar 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 88% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (97% average weekly change). Negative equity (-UK£1.8m). Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (UK£11.3m market cap, or US$15.0m). New Risk • Mar 23
New major risk - Negative shareholders equity The company has negative equity. Total equity: -UK£1.8m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (99% average weekly change). Negative equity (-UK£1.8m). High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (UK£6.30m market cap, or US$8.46m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Dec 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-UK£1.8m). High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (UK£2.29m market cap, or US$3.09m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • Nov 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-UK£1.8m). High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (UK£2.58m market cap, or US$3.37m). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). New Risk • Jul 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-UK£2.1m). Market cap is less than US$10m (UK£2.86m market cap, or US$3.90m). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Announcement • Apr 30
Sancus Lending Group Limited, Annual General Meeting, May 21, 2025 Sancus Lending Group Limited, Annual General Meeting, May 21, 2025. Location: 1 royal plaza, royal avenue, st peter port, Guernsey Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Board Observer Nick Wakefield was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Nov 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£12m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-UK£2.7m). Market cap is less than US$10m (UK£1.72m market cap, or US$2.15m). Announcement • Jul 31
Sancus Lending Group Limited, Annual General Meeting, Aug 16, 2024 Sancus Lending Group Limited, Annual General Meeting, Aug 16, 2024. Location: 1 royal plaza, royal avenue, st peter port, Guernsey New Risk • Jun 30
New major risk - Negative shareholders equity The company has negative equity. Total equity: -UK£2.0m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£14m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-UK£2.0m). Market cap is less than US$10m (UK£1.29m market cap, or US$1.63m). New Risk • Apr 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£3.61m market cap, or US$4.56m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (9.3% average weekly change). New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£25m free cash flow). Market cap is less than US$10m (UK£2.58m market cap, or US$3.23m). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Jan 10
Sancus Lending Group Limited Announces CFO Changes Following the migration of the Group Finance function from Guernsey to Jersey, Emma Stubbs, the Group's Chief Financial Officer, has decided to step down from the Board and leave the Sancus Lending Group Limited. It is intended that Emma will remain with the business until 31 March 2023 to effect an orderly handover. Emma joined Sancus in 2013 and has played an important role in the planning of the Company's turnaround strategy. The Board would like to thank Emma for her hard work and commitment and wish her well in her future endeavours. Following Emma's departure, Tracy Clarke will be appointed as the Group's Interim Chief Financial Officer, for an initial period of 12 months. Tracy, who has been a non-executive Director of the Company since March 2022, is a Fellow of the Institute of Chartered Accountants in England and Wales and holds the CISI Investment Advice Diploma. Tracy is currently Managing Director of Carlton Management Services Limited ("Carlton"), a licensed Jersey Trust Company business which provides administration and finance services to clients including the Somerston Group (the Company's largest shareholder). It is currently envisaged that Carlton will be appointed to augment and support the development of the Group's finance function, including new technology integrations for forecasting, performance and treasury management and reporting. It is ultimately the intention of the Board to appoint a permanent CFO in due course and intends to review these arrangements in 12 months. Price Target Changed • Nov 16
Price target decreased to UK£0.024 Down from UK£0.032, the current price target is provided by 1 analyst. New target price is 41% above last closing price of UK£0.017. Stock is down 40% over the past year. The company posted a net loss per share of UK£0.022 last year. Price Target Changed • Apr 27
Price target decreased to UK£0.024 Down from UK£0.032, the current price target is provided by 1 analyst. New target price is 45% above last closing price of UK£0.017. Stock is down 43% over the past year. The company posted a net loss per share of UK£0.022 last year. Price Target Changed • Apr 01
Price target decreased to UK£0.024 Down from UK£0.032, the current price target is provided by 1 analyst. New target price is 26% above last closing price of UK£0.019. Stock is down 31% over the past year. The company posted a net loss per share of UK£0.022 last year. Board Change • Nov 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman Steve Smith was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Sep 04
Independent Non-Executive Chairman Patrick Anthony Firth has left the company On the 31st of August, Patrick Anthony Firth's tenure as Independent Non-Executive Chairman ended after 16.2 years in the role. As of June 2021, Patrick Anthony still personally held only 367.97k shares (UK£10k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.67 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Jul 01
CEO & Executive Director Andrew Whelan has left the company On the 30th of June, Andrew Whelan's tenure as CEO & Executive Director of the company ended after 5.4 years in the role. Andrew still personally held 9.55m shares (UK£330k worth) as of March 2021. This is 2.0% of the company. Andrew is the only executive to leave the company over the last 12 months. Under Andrew's leadership, the company delivered a total shareholder return of -89%. Recent Insider Transactions • Dec 09
Independent Non-Executive Chairman recently bought UK£201k worth of stock On the 7th of December, Patrick Anthony Firth bought around 89k shares on-market at roughly UK£2.25 per share. This was the largest purchase by an insider in the last 3 months. This was Patrick Anthony's only on-market trade for the last 12 months. 
