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GLI Finance(GLIF) Fundamentals

The Investor Betting Big on Alternative Finance

I've been buying these from @47p - they are diversifying into peer-to-peer lending.

Current yield is 9.28%.

Help your peers - and cash in on a bonanza: From loans to holidays, cut out the middleman and join a new money-saving craze

Tens of thousands of people are giving loans to individuals or small businesses, swapping currency or allowing commuters to park on their driveways as a means of making or saving money.

It’s all part of the ‘peer-to-peer’ boom, where buyers and sellers are matched for a better deal. The Mail on Sunday looks at how you can join in.

INVEST IN OTHER PEOPLE

More than 86,000 savers have given up on the banks and building societies offering low rates of interest, instead pumping £843 million into a market that lent to nearly 74,000 individuals and small firms by the end of last year.

UP 11.5% :-)

Well done skinny don't loose your profits.,.

I've been buying for over 2 years for the yield :-)

GLI Finance: Building Peer-To-Peer Portfolio

Think i'd taken 63p on a few shares skinny.,.

I sold my recent purchase (last week) for +18% and bought back (+ extra) lower - now all in the money.

Funding Britain's Growth

An interesting stock Skinny

I bought as another reasonably boring yielder, but they have recently been thrust into the spotlight by a couple of articles and by the fact that they are recreating themselves.

Yeah, I noticed that this company has gone from being worth a couple of million to +50 in a short space of time. I quite like loan book companies, their easy to understand and accounts are simple. This one appears to undervalued with no real reason as to why. Do you happen to know what percentage of profits are paid as dividends?

A bit meaningless atm, due to the change of structure/policy, have a read of this RNS from last November.

Thanks Skinny, notes two and three below don't bode well with me.

Change in investing policy
The key changes proposed to the Company's investing policy are as follows:

(i) to change the main focus of investment by the Company from investing principally in syndicated corporate loans issued primarily by United States middle-market companies to providing finance to SMEs across the world, but with particular focus on the United States and the United Kingdom;

(ii) to enable investment in entities that will themselves provide finance to SMEs as well as in structured vehicles such as CLOs that are themselves invested in substantial part in SMEs;

(iii) to remove the current limit on investment in equity or debt instruments (other than loans or CLOs) which is currently 20 per cent. of the Company's gross assets at the time of investment; and

(iv) to permit investment in the United Kingdom at the same levels as are currently permitted in the United States, i.e. the Company's maximum exposure to both United States and United Kingdom issuers will be capped at 100 per cent. of the Company's gross assets.

Yes its certainly changing from the beast that I started investing in 2 or 3 years ago, but I'm prepared to hold for now - apparently there is an article in IC today and some of the links above are worth a read - posts 7,10 and the bottom 2 links in the header - just my own view.

Regulator's 10% spending rule set to 'take the crowd out of crowdfunding'

I doubt the regulator has really considered this, isn't it illegal for a regulator to dictate how investors choose to invest and how much? They should get back to regulating the advice given by so called professionals and leave investors who choose not to seek advice alone.

Exclusive - EU executive plans to promote crowdfunding sector

(Reuters) - A European Union "quality label" and possible state aid for crowdfunding would help the 1 billion euro (£836 million) sector grow to fund economic growth, the bloc's executive body said in a document seen by Reuters.

Crowdfunding allows individuals and small businesses to raise money from pools of investors who can put money into peer-to-peer lending schemes or securities such as unlisted shares.

It is often hosted on online platforms such as Crowdcube, Funding Circle and Kickstarter.

more..

Final Results

Financial highlights
· Net asset value at 31 December 2013 of 49.99p per share (31 December 2012: 49.09p)
· Total shareholder return of 9%, total return in NAV terms 12.0% over the period
· Interest income, dividends and other income totalled £12.5m, compared to £11m for the same period in 2012, on a like for like basis
· Operating expenses including finance costs, fell from £4.8m for the same period in 2012 to £4.1m in 2013

Company highlights
· Interests acquired in four SME finance platforms during the year, five since year end, bringing total to ten
· Platforms provide an offering that is complementary to the mainstream banking sector
· Current portfolio of platforms will form the core of the Company's business in future
· Monies from exit of CLO portfolio to be deployed into the underlying SME finance assets

Outlook and strategy
· Unique origination capability within SME finance
· Diversified by geography, industry, size of lending and type of lending
· Continued focus on smaller companies' finance assets capable of 10-15% target return
· Potential for synergies between the complementary offerings of the various platforms
· Working with GMB Partners on exit of CLO investments over time

Why a star loan investor is reshaping his fund

Dividend Declaration


Distribution period: 1 January 2014 to 31 March 2014
Distribution amount per share: 1.25 pence
Ex-dividend date: 30 April 2014
Dividend record date: 2 May 2014
Last date to elect/revoke elections: 30 May 2014
Payment date/Allotment of scrip: 20 June 2014
Scrip alternative in operation: Yes

GLI Finance Limited Net Asset Value(s)

NAV Update for the quarter ended 31 March 2014

GLI Finance Limited ("GLIF" or "the Company") today announces its unaudited net asset value as at 31 March 2014. The Company's unaudited net asset value (NAV) per share as at 31 March 2014 was 50.25p. This compares to the audited NAV of 49.99p as at 31 December 2013.

Although there was a small appreciation in the Company's dollar assets during the quarter, this was offset by continued weakness in the dollar against sterling. The Company's sterling and euro assets were broadly unchanged in the period.

An update on the progress of the Company's lending platforms will be provided at the AGM on 30 April. Equity positions in platforms acquired in the second half of 2013 and the first quarter of 2014 are all held at cost, as the Board believes that this is the most appropriate methodology at this stage.

The Company will seek an independent valuation of all equity positions in its platforms at the end of the next quarter. This may delay the release of the NAV for 30 June 2014 but the dividend announcement will still be made on 23 July.

AGM Statement

GLI Finance to Purchase Up to $100 Million in Loans Originated by Raiseworks

Agreement to Dispose of CLO investments

GLI Finance Limited ("GLIF" or the "Company"), a specialist provider of finance to small and medium sized enterprises, refers to the announcement released today by Fair Oaks Income Fund Limited ("FOIF") of its intention to seek admission to trading on the LSE Specialist Fund Market and publication of prospectus and acquisition of two CLO investments from GLIF.

In GLIF's full year results announcement released on 26 March 2014, the Board stated its intention to exit the Company's CLO investments over time.

The Board is pleased to announce that FOIF has agreed to acquire from GLIF, its remaining two CLO investments with a valuation as at 8 May 2014 of approximately $55 million, which will be transferred by GLIF in consideration for a cash element and an issue of shares in FOIF, subject to a two year lock-in agreement. In the financial statements for the year ended 31 December 2013, interest income and dividend revenue relating to the CLO portfolios amounted to £11.3 million.

The disposal of the CLO investments is conditional on FOIF achieving its minimum fundraise and the admission to trading of FOIF on the Specialist Fund Market of the London Stock Exchange, expected to take place on 12 June 2014.

Monies from the exit of the CLO portfolios will be deployed into GLIF's underlying SME finance assets. GLIF's current portfolio of interests in ten SME finance platforms will form the core of the Company's future business. GLIF continues to focus on smaller companies' finance assets capable of generating a target return of 10-15%.

The Company will update shareholders as appropriate.

Crowd Power

Disposal of CLO investments

GLI Finance Limited ("GLIF" or the "Company"), a specialist provider of finance to small and medium sized enterprises, refers to the announcement released today by Fair Oaks Income Fund Limited ("FOIF") in relation to the result of its Placing and Offer for Subscription, its admission to trading on the LSE Specialist Fund Market and the acquisition of two CLO investments from GLIF, referred to as the Initial Portfolio.

On 19 May 2014, GLIF announced the intention of FOIF to purchase GLIF's two remaining CLO investments for approximately $55 million. The CLO investments were revalued as at 3 June 2014 at a value of $54,723,772 and following completion of FOIF's fundraising and admission to trading, expected at 8.00am on 12 June 2014, GLIF has transferred the CLO investments to FOIF in consideration for a cash element of approximately $20.4 million and an issue of 34,298,425 shares in FOIF at the Issue Price of $1.00, subject to a two year lock-in agreement.

In the financial statements for the year ended 31 December 2013, interest income and dividend revenue relating to the CLO investments amounted to £9.6 million.

Monies from the exit of the CLO investments will be deployed into GLIF's underlying SME finance assets. GLIF's current portfolio of interests in ten SME finance platforms will form the core of the Company's future business. GLIF continues to focus on smaller companies' finance assets which are capable of generating a target return of 10-15%.

Geoff Miller CEO of GLI Finance, said: "We are pleased to conclude the successful disposal of these investments and look forward to achieving further progress during the rest of 2014."

Additional Listing

Link copied - GLIF

Second Interim Dividend

NAV and Trading Update

GLI Finance Limited ("GLIF" or the "Company"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, is pleased to announce its net asset value ("NAV") as at 30 June 2014 and give an update on trading ahead of its interim results which are expected to be announced on 23 September 2014.

The NAV of the Company as at 30 June 2014 was 48.5p per share, compared to 49.99p per share as at 31 December 2013, a fall of 2.9%. Whilst the Company's sterling assets rose by 2.41p per share, its dollar assets fell by 3.87p per share. This was principally a combination of the weakening of the dollar by 3.2%, equivalent to 2.06p per share and a fall in the value of its CLO assets on disposal equivalent to 2.68p per share. This fall was partially offset by an increase of 1.5% in the value of the Company's equity shareholding in Fair Oaks Income Fund ("FOIF") since the IPO of FOIF on 12 June 2014 and an increase in the value of Raiseworks, the Company's US platform.

During the six month period ended 30 June 2014, the Company disposed of its remaining direct CLO investments through sales in the market and the IPO of FOIF. GLIF transferred its remaining CLO investments to FOIF in consideration for a cash element of approximately $20.4 million and the issue of 34,298,425 shares in FOIF at a price of $1.00 per share. The cash received from the transaction has now been fully invested into GLIF's underlying SME finance assets and the remaining holding in FOIF was valued as at 30 June 2014 at £19.8m. The Company's net cash position was £6.1m at the period end, all of which has been earmarked for specific investments.

The aggregate value of the Company's platforms increased during the period, reflecting both the five acquisitions completed in the period* and an increase in the carrying value of certain platforms. The increase in value is attributable to growth in those platforms and the heightened focus of investors on alternative finance platforms as a viable source of funding for SMEs. At the end of the period the value of the equity held in the various platforms within the GLIF family totalled ￡16.7m (31 December 2013: £6.7m).

Update on trading

Existing platforms continue to grow their businesses, deploying increasing amounts of GLIF's capital across a wide range of maturities. Over the period the volume of loans originated through GLIF's platforms increased by 48% to £41.0m, of which the amount GLIF invested through the platforms increased by 60% to £8.5m.

The total value of loans held by GLIF, originated through GLIF's partnerships with its platforms, totalled £23.9m as at 30 June 2014 (31 December 2013: £14m). The origination capability through all of the Company's platforms continues to accelerate, as do the opportunities available to the Company to deploy its capital through those platforms in order to optimize returns to shareholders.

As a result of GLIF's strategic positioning as a leading player in the global alternative finance and marketplace lending sector, GLIF is now a preferred partner in the space. This has resulted in a number of opportunities to bring further complementary platforms into the GLIF family over the coming months. We are also in discussions with a number of national and supra-national institutions on the provision of SME finance in their particular areas.

* Platforms acquired during the period were:

· January 2014 - Finpoint UK,
· February 2014 - TradeRiver Finance
· February 2014 - European Receivables Exchange
· February 2014 - CrowdShed
· March 2014 - Proplend

Panmure Gordon Buy 54.25 53.88 72.00 72.00 Reiterates

Another 'Buy' recommendation from IC's Simon Thompson today as well. Total reaction was a solitary tick-up. Bah!

GLI Finance Limited (the "Company"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, expects to announce its Interim Results for the 6 months ended 30 June 2014 on Tuesday 23 September, 2014.

Link copied.

Penned by GLIF CEO, Geoff Miller.

The future: An alternative option for cashflow management

Emma Stubbs appointment

Directorate Change

The Company is pleased to announce the appointment of Mrs. Emma Stubbs (née Le Page) to its board as an executive director with immediate effect.

Prior to joining GLIF as Chief Financial Officer in November 2013, Mrs Stubbs, aged 34, spent six years with Sportingbet in a number of roles and latterly as Head of Business Analysis and Projects, where her responsibilities included formulating the company's strategy across Europe and Emerging Markets. Emma also spent two years working in the captive insurance sector with Marsh Management Services after qualifying as a Chartered Certified Accountant with Deloitte & Touche in 2004.

Patrick Firth, Non-executive Chairman of GLIF said: "We are glad to welcome Emma to the board. Since joining the Company in 2013, Emma has served as an invaluable member of the executive team and we look forward to working with her as we grow the Company as a leading provider of SME finance both in the UK and abroad."

Mrs Stubbs holds, or has held the following directorships within the five years prior to the date of this announcement:

Current directorships

Secured Loan Investments Limited
Finpoint Limited
NVF Patents Limited
NVF Equity Limited

Half Yearly Report

Financial Highlights

· Stable capital performance during the period with NAV per share of 48.53p as at 30 June 2014 (31 December 2013: 49.99p).

· ROE of 12.26% (annualised in in local currency terms), in the middle of the GLI Finance ("GLIF") 10-15% target range.

· The volume of loans originated through GLIF's platforms increased by 48% to GBP41.0m, of which the amount GLIF invested through the platforms increased by 60% to GBP8.5m.

· 2.5p dividend paid (2.5p paid for the comparable period last year)


Operational and investment highlights

· In the period GLIF made five new investments in SME finance companies, in accordance with its stated strategy. These were:

- Finpoint UK, a UK lender to SMEs
- TradeRiver Finance, a global online trade finance company
- European Receivables Exchange, a Danish invoice financing company
- CrowdShed, a multi asset and multi jurisdiction crowd funding company
- Proplend, a UK property backed lending company

· A further three investments have been made since 30 June 2014, which were:

- Finexkap, a French, web-based platform providing a working capital financing
- LiftForward, a P2P and marketplace financing platform provider
- The Credit Junction, a marketplace working capital and supply chain financing platform

· CFO Emma Stubbs was appointed to the Board on 16 September 2014.

· Marc Krombach will join as Managing Director in October 2014 to support Geoff Miller in growing the platforms.

Geoff Miller, CEO said: "There continue to be issues with the provision of SME finance globally. The banks continue to be risk averse but many have also adopted a purely quantitative approach to lending that makes many businesses unbankable, despite their huge growth potential. At the same time, many new alternative finance platforms are looking more towards institutional capital to fund their lending to these businesses, rather than a broader based P2P model, so the outlook for GLIF is very positive.

GLI Finance is soon to have a unique range of 16 SME finance platforms that span asset class and geography. We are now entering a phase of scaling these platforms significantly so that they can lend to a greater number of businesses and help GLIF deliver exciting returns for its shareholders."

Panmure Gordon Buy 56.50 72.00 72.00 Reiterates

Dividend Declaration

GLI Finance Limited announces partnership with UK Bond Network

GLI Finance Limited ("GLI Finance"), a leading investor in the alternative finance sector, announces that it has agreed to invest £1 million in UK Bond Network, the UK's first peer to peer bond platform, in return for a 16.6% equity stake in the business.

UK Bond Network gives listed and unlisted businesses the opportunity to create a bespoke financing structure with terms that suit them, in the form of loans or bonds from £500,000 to £4 million. The platform bridges the gap in the market between the small alternative finance providers (private debt funds) and the retail bond market, which is typically not a viable option for businesses seeking less than £20 million.

more..

Net Asset Value(s)

NAV and trading update for the quarter ended 30 September 2014

GLI Finance Limited ("GLI Finance" or the "Company"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, is pleased to announce its net asset value ("NAV") as at 30 September 2014.

The Company's unaudited NAV per share as at 30 September 2014 was 48.32p, which compares with an audited NAV per share of 48.53p as at 30 June 2014.

During the period, GLI Finance completed investments in three platforms, as announced in the Company's recent interim results. They were:

· July 2014 - Finexkap
· August 2014 - LiftForward
· September 2014 - The Credit Junction


During the period, GLI Finance also agreed a loan facility to borrow up to £30 million with Sancus Limited, a peer to peer lender in which the Company holds 8.4% of the issued ordinary shares. The total value of loans held by GLI Finance, originated through the Company's partnerships with its platforms, totalled £27.3m as at 30 September 2014 (30 June 2014: £23.9m).

-Ends-

Henderson Global < 5%

GLI Finance Limited investment Finexkap

Taking a look at this company. A new concept in finance. financial loan and investment platforms on the net for companies and individuals. Would appreciate any thoughts or input about this company.

A reasonable start are the bottom two links in the header.

GLI Finance invests $1.28 million in Africa focused peer-to-business lending platform Ovamba

GLIF ticking up regularly as P2P lending becomes more mainstream. Early mover advantage for GLIF in what is rapidly becoming a sexy sector. 2015 could be very good indeed.

Acquisition and Related Party Transaction

Proposed acquisition of Sancus Limited and Sancus (Guernsey) Limited, proposed adoption of new Articles of Incorporation, Notice of Extraordinary General Meeting and Related Party Transaction

GLI Finance Limited ("GLI Finance" and the "Company") announces on 14 November 2014, it entered into a conditional sale and purchase agreement with Sancus Holdings Limited ("SHL") (the "SPA"), under which the Company has conditionally agreed to acquire the respective entire issued share capitals of Sancus Limited ("SL") and Sancus (Guernsey) Limited ("SGL") from SHL and the intragroup loans (the "Intragroup Loans") made by SHL to SL (the "Acquisition") for a total consideration of £37.75 million.

The payment of the consideration relating to the Acquisition would involve the Company issuing to SHL new Ordinary Shares (the "New Ordinary Shares") and new redeemable zero dividend preference shares in the Company (the "ZDP Shares"). Therefore, in connection with the Acquisition, the Board is seeking the approval of Shareholders for the New Articles to be adopted in order to reflect the creation of such a new class of ZDP Shares and to provide for the rights attached to the ZDP Shares (altogether, the "Proposals"). The Board believes that the ZDP Shares will diversify the funding of the Company's capital structure and better align the structure with the Board's expectation of the future returns from the Company's business. The issue of ZDP Shares is also expected to reduce the Company's overall cost of capital.

more....

Not 'that Whelan'!

Completion of Acquisition, Issue of Equity and Directorate Change

The board of GLI Finance is pleased to announce that the Company's acquisition of the respective entire issued share capitals of Sancus Limited ("SL") and Sancus (Guernsey) Limited from Sancus Holdings Limited ("SHL") legally completed on 16 December 2014.

Issue of equity

The Company issued, at completion, 31,415,930 ordinary shares of no par value in the capital of the Company ("Ordinary Shares") and 20,000,000 ZDP Shares of £1 each to SHL in consideration for the Acquisition. As previously notified, the new Ordinary Shares issued to SHL rank pari passu in all respects with the existing Ordinary Shares other than that they will not be entitled to any dividend payable on the Ordinary Shares in respect of the period ending 31 December 2014. The new Ordinary Shares are expected to be admitted to trading on the AIM market of the London Stock Exchange on or around 18 December 2014 under the ISIN GG00BTJRMC06 and TIDM GLIR.L.

SHL will, on Admission, hold a legal and beneficial interest in 31,415,930 Ordinary Shares, representing 18.2% of the Company's enlarged issued share capital. SHL's holding of new Ordinary Shares is subject to a lock-in deed between the Company, SHL and Panmure Gordon. Except in certain limited circumstances, SHL will, under its lock-in deed, not dispose of the new Ordinary Shares during the period commencing as of today's date and expiring on the later of either: (a) 16 June 2015; or (b) the earlier of (i) the date on which an unqualified audit opinion on SL is given by the auditor of SL in its audit report on SL for the period ending 31 December 2014 or (ii) 16 December 2015 ("the Cover Period"). The Cover Period shall also be extended where a warranty claim has been notified by the Company to SHL during the Cover Period but where the claim has not yet been settled, withdrawn or finally judicially determined by a court of competent jurisdiction. Following the end of the Cover Period, there will be an orderly marketing period of six months, during which time SHL can only effect a disposal of the new Ordinary Shares through Panmure Gordon.

Directorate change

Andrew ("Andy") Noel Whelan, SHL's Chief Executive Officer, was appointed to the Board, upon completion of the Acquisition, as the Group's Director of Lending. Mr Whelan (age 48) has over 25 years of experience of the financial services industry. He started his career with Morgan Grenfell in 1987 and also worked for Kleinwort Benson within the Dresdner Private Banking Group. He joined Liberty Ermitage in 2001, where he became Group Executive Director and Managing Director of Ermitage Global Wealth Management Jersey Limited. Mr Whelan was a founding partner of Ermitage Group in 2006 following a management buy-out of the business from Liberty Life. Mr Whelan left Ermitage Group in 2011 following its sale to Nexar Capital Group. Between April 2012 and August 2013, Mr Whelan worked for International Asset Monitor as Managing Director of its newly established Jersey office, before founding SHL on 1 September 2013 and becoming its Chief Executive Officer.

Mr Whelan is a Fellow of the Chartered Institute for Securities & Investment.

Patrick Firth, Non-Executive Chairman of the Company, said: "We look forward to integrating Sancus into our wider business and using the platform to drive growth in our proprietary loan book in existing and new markets for GLI Finance. I would also like to welcome Andy to the Board and I am sure that he will be a major asset to the Group".

A mention in the MOS - The £1bn finance sector that's no longer alternative: Business funding outside the banking system doubling every year

Artemis Investment Management < 11%

A new high @63.125p

2014 Fourth Interim Dividend

NAV and operational update; exploring the launch of a closed end fund

GLI Finance Limited ("GLI" or the "Company"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, is pleased to announce its net asset value ("NAV") as at 31 December 2014 and provide an update on operations.

Net Asset Value

The Company's unaudited NAV per share as at 31 December 2014 was 51.00p, an increase of 5.5% from the unaudited NAV per share of 48.32p as at 30 September 2014. The increase was driven by an uplift in the valuation of the Company's shareholdings in its platforms.

Further investments in platforms and transition to trading company

During the final quarter of 2014, GLI completed two investments in platforms and a significant acquisition, as part of its strategy of becoming a global provider of SME finance and, ultimately, its transition to a trading company. These were:

· October 2014 - UK Bond Network, the UK's first peer to peer bond platform;
· November 2014 - Ovamba, the Africa focused alternative finance platform; and
· December 2014 - Sancus, an offshore secured lending business focused on Channel Islands-based entrepreneurs, SMEs, high net worth individuals and professionals

In particular, the acquisition of Sancus now provides GLI with an in-house underwriting and origination capability and the further investments provide further lending diversity by duration, geography and asset type.

The Company has established a highly experienced management team, with a further executive appointment during the final quarter, Andrew Whelan joining the Board as GLI's Director of Lending. All critical functions have now been internalised.

The Company has also applied to the Guernsey Financial Services Commission to change its status from Closed-end Fund to Non-regulated Financial Services Business.

Exploring the launch of a closed end fund

In the light of recent developments in the marketplace, the Board is also exploring the possible flotation of an independent investment company (the "Fund"), which would be managed by GLI and invest in a diversified portfolio of loans originated principally by the Company's family of lending businesses. The Fund's aim would be to provide investors with access to the fast expanding alternative finance market, leveraging GLI's unique position in terms of its experience, knowledge and day to day involvement in the alternative finance sector. The Fund would target a high single digit yield for investors, whilst providing GLI with further scaleable origination capability.


N+1 Singer Advisory LLP has been appointed to assist the Fund with this process.


.-Ends-

I"m in. Possible company separation looks good. Easy company to understand,P2P lending fully insured. 5p dividend (1.25p paid QUARTERLY] . Good chart. Share price62p nav 51p. All very positive.

Proposed Placing

Highlights

· Placing of up to 34,500,000 Placing Shares at 58 pence per Placing Share. The Placing is being conducted through an accelerated bookbuild managed by Panmure Gordon (UK) Limited.

· Placing Price of 58 pence per share represents a discount of 7.4 per cent. to the closing mid-market price on 20 February 2015 (being the latest practicable date prior to the date of this Announcement) and a premium of 13.7 per cent. to the Company's unaudited NAV per Share as at 31 December 2014.

· Proceeds of the Placing will be used to provide additional development capital for the Group's platform investments and enable expansion of the lending activities of GLI's family of platform businesses.

The Placing is conditional, inter alia, on approval by Shareholders at an Extraordinary General Meeting to be held on or around 16 March 2015 and on the Admission of the Placing Shares to trading on AIM.

more..

Looks like a done deal at 58p. Onwards and upwards.

This maybe of interest - IPO to target 8% dividend yield

Publication of shareholder circular and Notice of Extraordinary General Meeting

Disposal of FOIF holding

GLI Finance Limited, a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, announces that on 4 March 2015 it sold its entire holding of 34,298,425 ordinary shares in Fair Oaks Income Fund Limited at a price of $0.9425 per share, raising gross proceeds of approximately $32.3 million.

Panmure Gordon Buy 62.25 72.00 72.00 Retains

Very cash positive with the placing and this sale. The company must have something in mind? The next announcements will be interesting.

Small investment in solar platform. Foothold in U.S.

Budget 2015: Will tax-free peer-to-peer lending get the go-ahead?

Result of EGM

Further to the announcement on 24 February 2015, the board of GLI Finance announces that at the Extraordinary General Meeting held earlier today, the special resolution to approve the placing of 34,500,000 Placing Shares at 58 pence per Placing Share was duly passed.


Admission

In accordance with the terms of the Circular in relation to the conditional placing, application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. It is expected that admission will become effective and dealings will commence at 8:00am on 17 March 2015.

On admission, the Company's enlarged issued ordinary share capital will consist of 207,460,021 Ordinary Shares. All of these Ordinary Shares carry voting rights of one vote per Ordinary Share. There are no Ordinary Shares held in treasury and so the total number of voting rights in the Company following admission will be 207,460,021. The above figures should be used by shareholders following admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Full year results up to december look disappointing,but this is a completely different company since then. Revenues are down reflecting the transition of the company. Dividend to be maintained at 1.25p,[paid QUARTERLY ex/d 29/4] about 8%.Chance to buy in under pre-placing 58p.

GLI Finance Limited increases investment in TradeRiver Finance

FUNDING BRITAIN'S GROWTH

2015 First Interim Dividend & NAV Update

Ex-dividend 30th April 1.25p.

AGM Statement

Ex-div and a bit more today. The share price is dripping away again. Disappointing.

I sold @58p recently in order to add to my PEW holding - I had a limit order in yesterday to buy these back @56p but pulled it.

The best I was quoted was 55.95 to buy, but I'll hold fire short term for now.

GLI Finance Limited increases investment in Platform Black Limited

NAV and operational update

Island reversal?

Looks like it possibly was!

May be of interest - Crowdfunding and Peer-Peer Lending

2015 Second Interim Dividend

Notice of interim results and business update

28 July 2015

GLI Finance Limited ("GLI" or "the Company"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, announces that its interim results for the six months ended 30 June 2015 are expected to be released on 28 September 2015.

We continue to work on the listing of the Company's zero dividend preference shares and the launch of a closed end fund focusing on a loan portfolio diversified by geography, size of loan, type of lending and duration. Both initiatives are expected to be completed by the end of September 2015.

Business update

The Company's portfolio of platforms continues to make good progress and the platforms have now lent £444 million across approximately 6,400 loans since inception, with the average loan size growing significantly over the past year.

This may be of interest - Crowdfunding and Peer-Peer Lending

Patiently holding. Collecting quarterly divs.

Net Asset Value

The Company's unaudited NAV per share as at 30 June 2015 was 52.48p, a decrease of 3.81% from the NAV per share of 54.56p as at 31 March 2015.

Further details of GLI's NAV per share as at 30 June 2015 are available to view on the Company website www.glifinance.com under the Portfolio Statistics Report in the Investor Relations section.

Further details on the performance of the Company will be provided when the audited Interim Results are published on 28 September 2015.

Launch of a closed end fund

GLI Finance Limited ("GLI"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, announces that it has successfully launched GLI Alternative Finance plc ("GLIAF"), a closed end fund focusing on a loan portfolio diversified by geography, asset class, duration and security.

GLIAF intends to achieve its investment objective by investing in a range of loans originated principally through the investee platforms in which GLI holds strategic equity investments. GLIAF may also make investments through other third party alternative lending platforms that present suitable investment opportunities.

GLIAF raised aggregate gross proceeds of £52.7 million pursuant to the issue, as described in the prospectus published by GLIAF on 1 September 2015, under which a portfolio of loans has been transferred by GLI to GLIAF in consideration for the issue to GLIF of 40,270,763 shares in GLIAF. Applications have been made for admission of the Ordinary Shares to trading on the Specialist Fund Market of the London Stock Exchange and admission is expected to take place at 8.00 a.m. on 23 September 2015.

-ENDS-

Audited Interim Results for the six month period ended 30 June 2015

Financial Highlights

· NAV growth of 2.9% during the period with NAV per share of 52.48p as at 30 June 2015 (31 December 2014: 51.00p).

· Annualised ROE of 16.26% at the top end of GLI's 10-15% target range.

· The value of new loans originated through GLI's platforms increased by 120% in the twelve months ended 30 June 2015 compared to the twelve months ended 30 June 2014.

· The GLI portfolio has increased by 35% between 31 December 2014 and 30 June 2015 from £106.9 to £144.6m. The increase is made up of a 24% increase in equity values held in SME platforms and a 139% increase in loans made to SMEs.

· 2.5p dividend paid (2.5p paid for the comparable period last year)


Operational and investment highlights

· In the period GLI made four new investments in SME finance companies, in accordance with its stated strategy. These were:

o Trade River USA, a non-bank online funding solution which finances trade, both cross-border and in the US

o MytripleA, a Spanish business finance platform meeting both the short-term and long-term financing needs of Spanish SMEs

o Open Energy Group, a financing platform for US commercial and small utility-scale solar projects.

o Funding Options, a UK on-line credit broker that matches lenders with borrowers and acts as a one-stop-shop for business finance

· On 30 June 2015, the 100% GLI owned subsidiary, GLI Asset Management Ltd ("GLIAM") secured its Protection of Investors ("POI") asset management license from the Guernsey Financial Services Commission ("GFSC") enabling GLIAM to manage collective investment schemes and general securities and derivatives. 'GLI Alternative Finance plc' (GLIAF), a closed end fund, was launched on 23 September 2015.

· GLI changed its regulatory status with the GFSC in the period from Authorised Collective Investment Scheme, re-registering as a Non-regulated Financial Services Business in March 2015.

· The Company headcount including the executive team has increased from seven employees at 31 December 2014 to nine at 30 June 2015. This increase and further additions since June 2015 are due to more resources being brought in-house and the expansion of the asset management business.


Geoff Miller, CEO said:
"GLI has continued its rapid transformation into a leading player within the SME finance sector globally. As a unique listed business we are the diversified play in a sector, which is beginning to attract a great deal of attention.

The focus for GLI for the remainder of 2015 is on completing the balance sheet transition, to better underpin and at least maintain the dividend, and on growing the existing platforms organically and potentially by acquisition.

We now have very significant origination potential, and this provides the wherewithal to potentially build a significant asset management business, that would be immediately accretive to shareholders.

In summary, we have spent the past three years positioning the business to take advantage of the alternative finance sector's growth dynamics and we should see real progress over the coming months, as we continue to capitalise on the growth opportunities in our markets.

GLI has a unique range of 19 SME finance platforms that span asset class and geography. We are now entering a phase of scaling these platforms significantly so that they can lend to a greater number of businesses and help GLI deliver enhanced returns for its shareholders."

Consistent! - Panmure Gordon Buy 51.75 71.00 71.00 Retains

Finally bought back in today.

Hitting new lows, Skinny. I've no idea what's behind this, but it is disconcerting to say the very least.

GLI Finance partners with Verus360, by providing £5m loan facility

Q3 Interim Dividend

10% div.?

As it stands - yes.

Added a few more today - ex dividend next Thursday 29th @1.25p.

Trading and financial update

The Board is pleased to provide the following trading and financial update having completed the repositioning of its activities, which are now focussed on four complementary areas:

· Alternative lending Platforms (whether wholly owned or as a significant shareholder) in several countries
· Direct lending, mainly through the Platforms
· Fund management with the first fund (GLI Alternative Finance PLC "GLI Alt Fi") listed in September 2015
· Investment in GLI's managed fund

GLI was an early mover in the Peer-to-Peer (P2P) lending sector and has assembled a portfolio of Platforms that provide lending diversity by duration, geography and asset type and use highly differentiated origination strategies. The rapid growth in the sector (Liberum AltFi index for business P2P lenders for the 12 months to 11 Nov 2015 is up 128.11% in UK, and 153.45% in Continental Europe - YTD £1.12bn) is an international phenomenon and GLI, with Platforms in the UK, Continental Europe, USA and Africa, continues to assess opportunities throughout the world.

Direct lending activity
GLI's direct lending activity is complementary to its investment in the Platforms enhancing their ability to attract borrowers and providing loan origination channels for GLI which generated interest at an average rate of around 10% on its portfolio during the nine months ended 30 September 2015. Loan losses/provisions were approximately 0.7% of the closing loan book during the nine months ended September 2015.

Managed funds
GLI's wholly owned subsidiary GLI Asset Management Ltd is an authorised fund manager and intends to launch a range of investment funds with differing strategies. GLI's strategic aim of increasing the size and number of its managed funds changes its risk profile as it generates fee income from the managed portfolios with decreasing direct exposure to loan losses.

Its first fund, "GLI Alt Fi" is a London listed investment trust was launched in September 2015. GLI Alt Fi has acquired £40.2m direct loans from GLI resulting in GLI holding 76% of GLI Alt Fi's issued share capital. The target dividend yield on GLI Alt Fi's shares is 8% per annum.

It is intended that GLI Alt Fi, which has already raised £12.5m from third party investors, will continue to issue new shares enabling it to expand and diversify its portfolio, reducing GLI's percentage shareholding. GLI receives management fee income of 0.75% per annum of GLI Alt Fi's net asset value (or of market capitalisation, if lower) of up to £100m, and 0.5% of any excess.

Financial update
The Company intends to publish its Net Asset Value formally, incorporating the results of a review of the value of its investments in Platforms, by mid December. Reflecting, in particular the launch of GLI Alt Fi, the segmental analysis of GLI's statement of financial position has changed significantly since 30 June 2015.

more....

I sold out yesterday at 48p. The drip, drip away of the share price proved too much. Looks like a good move now.

I seem to collect a 10% dividend every quarter while the share price goes down 10% every quarter. Surely this is not the way share investment should go, something has got to give. either there will be an upside downside or the dividend will go. The ideal would be for a decent increase in NAV share price increase and dividend maintained or am i being to optermistic?

Proposed Placing and Open Offer

Proposed Placing and Open Offer and dividend policy
The Company is pleased to announce that:

- it has today published a Prospectus, which has been approved by the UK Listing Authority, in connection with the issue of a new class of 2020 zero dividend preference shares ("2020 ZDP Shares") at an issue price of 100p per share, to be issued by means of a placing and open offer and a placing programme, and

- the issue is conditional upon, among other things, the passing of a resolution at an EGM being convened for 21 December 2015; a circular to Shareholders containing information on the proposed placing and open offer and convening an EGM at which the approval of Ordinary Shareholders will be sought for the adoption of new articles of incorporation to permit the issue of the 2020 ZDP Shares as well as dis-applying certain pre-emption rights in relation to a possible issue of convertible unsecured bonds (the "Circular"), is being posted to Shareholders today.

The Company also announces that the Directors have resolved to adopt the following dividend policy for the Company going forward. It is intended that aggregate dividends declared in respect of each annual accounting period are paid out of the net income of the Company in respect of that annual accounting period, such policy to be measured at the end of each accounting period. The Board may, however, exceptionally pay dividends and special dividends out of capital.
A copy of the Prospectus will be submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM. The Prospectus and the Circular will be available on the Company's website: http://investor-relations.glifinance.com/investorrelations

Capitalised terms used but not defined in this announcement have the meanings set out in the Prospectus.

more...

I am out, due to change in dividend policy and the raising of capital which i think will continue,and, to me, the company appears to be getting complicated.

Absolute shocker. Sorry for everyone who has lost money here, self included. Just grateful that I got out last month.

'If you are going to panic - do it early".

Not the best day for me to be London on Friday - this has turned in to a right old pig in a poke unfortunately.

Latest Edison note update in the header.

Director/PDMR Shareholding


The Company was today notified of the following share dealings executed today by persons discharging managerial responsibility:



Shares acquired: 37,500
Price: 33.98
Total holding: 300,000
Per cent of issued share capital with voting rights: 0.14%.
James Carthew
Non-executive Director

Update on convertible unsecured bonds


GLI Finance Limited ("GLI") provides an update on its plans announced on 17 November 2015 to consider the issue of further securities in order to refinance certain existing borrowings as well as to provide additional working capital and growth. The related prospectus and circular to shareholders (the "Circular") were published on 3 December 2015.

One option detailed in the Circular is to replace GLI's current loan facility with convertible unsecured bonds ("CULS"), at a lower running interest cost. Following the recent share price movement the Board would like to make explicit that it will not consider a CULS issue with a conversion price below the current NAV of the company. The Company's unaudited NAV per share as at 30 September 2015 was 52.30p and a detailed breakdown of the NAV is available on GLI's website.

-Ends-

Artemis > 10%

2015 Fourth Interim Dividend

Proposed fundraising and notice of Extraordinary General Meeting

Confirmation of permanent CEO, Strategic Review and NAV Update

Completion of GLIAF share sale

New Credit Facility

The Board of Directors is pleased to confirm, as announced on 16 February 2016, that it has repaid the existing £30m Sancus loan facility and has entered into a new loan for £14.86m with a term of 1 year at a reduced interest rate of 8.75% (previously 11%). It is the intention of the Directors to refinance this new loan prior to maturity.

GLI Investee Recommended for Designation for the Bank Referral Scheme

The Board of Directors has welcomed the announcement that Funding Options, an investee of GLI, has been recommended by the British Business Bank to go forward for designation by HM Treasury for the Bank Referral Scheme.

Announced within HM Treasury Budget 2016, businesses that are rejected for finance by high-street banks will be able to access new options, with the Budget announcing that Funding Options will be designated as one of only three finance platforms to help match borrowers and alternative lenders.

2016 First Interim Dividend

Further investment in Platform Black

The board of GLI Finance announces that on 10 March 2016, the Company subscribed for 5,000,000 new preference shares at par in its 84% owned subsidiary, Platform Black Limited, for an aggregate subscription price of £5,000,000. To date £4,000,000 preference shares have been issued. The preference shares carry a 9% coupon payable quarterly and are non-voting with a five-year maturity.

Platform Black, an online business finance marketplace for UK SMEs, plans to use the additional funds from its parent company to strengthen its balance sheet and position the business for further growth.

Proposed acquisition of interests & notice of EGM

Completion of Share Sale

The Company is pleased to announce that, following the receipt of regulatory approval, the sale by the Company of 50% of its stake in Amberton Asset Management Limited (formerly GLI Asset Management Limited) completed yesterday. The sale to Golf Investments Limited, a subsidiary of the Somerston Group, was previously outlined in the Company's announcement dated 21 December 2015.

GLI and Somerston look forward to creating a successful partnership, which will seek to develop the Amberton brand and assist the growth of GLI Alternative Finance plc, a closed end fund in which the Company and Somerston hold interests of 47.99% and 27.96% of the issued share capital respectively.

Link copied.. GLI Finance set for rapid payback from corporate moves

Platform Black

The Board announces that, on 29 July 2016, Sancus BMS Group Limited ("Sancus BMS", a wholly owned subsidiary of the Company) acquired a further 24,888 ordinary shares, representing 10.72% of the issued ordinary share capital of Platform Black Limited ("Platform Black"), taking its holding to 94.65% at a £3.5m valuation. The ordinary shares were acquired from certain original minority ordinary shareholders in Platform Black.

Immediately following this transaction, Sancus BMS entered into an agreement with a consortium of high net worth private investors ("Minority Investor Group") whereby the Minority Investor Group will:

· Buy 23,209 ordinary shares representing 10% of Platform Black's issued ordinary capital for consideration of £350,000 settled in cash, taking the Sancus BMS holding back to 84.65%.

· Buy 200,000 Platform Black Preference shares (out of 4.1 million in issue) for consideration of £200,000 settled in cash.

· Provide lending capacity to Platform Black of up to £50m to expand the funder base operating through the platform.

· Have the option, on or before 29 July 2021, to acquire for cash a further 20% of Platform Black's ordinary share capital from Sancus BMS at a £5m valuation.

· Have the right to appoint three Non-Executive Directors to the board of Platform Black.

Following the above transactions, Sancus BMS remains interested in 84.65% of Platform Black's issued ordinary share capital. Platform Black will have an expanded funder base and be better positioned to maximise its potential from being rebranded to Sancus Finance with effect from 1 January 2017.

Platform Black recorded turnover and a post-tax loss of £0.4m and £1.6 respectively in the year ended 30 June 2015. Platform Black's net liabilities at 30 June 2015 were £0.5m. Platform Black became a subsidiary of Sancus BMS on 30 June 2016.

Completion of asset disposals


The Board of GLI announces that, on 30th September 2016, the Company conducted a series of transactions with The SME Loan Fund ("SMEF"). The transactions will see GLI dispose a number of assets to SMEF including existing holdings in the loan note of a pharmaceutical company, a solar energy construction loan and stakes in two BMS Finance structures. As part of the deal, GLI will acquire from SMEF $800,000 of Senior Preferred Stock in the share capital of The Credit Junction. The net effect of the transactions is a cash transfer to GLI Finance of £1,553,745.13, which will be used for general corporate purposes. This is in accordance with GLI's stated strategy of lending "to" the platforms and not "through" the platforms and this transaction assists in removing the few remaining loans that we have on our balance sheet lent "through" the platforms.

Publication of Net Asset Value

Somerston Group Limited Below 25% to above 25% at direct level.

Golf Investments Limited Below 15% to above 15% at direct level.

4th Interim Dividend declaration

Trading Update

GLI Finance Limited, a leading investor in the alternative finance sector, is pleased to provide an update on its trading for the financial year ended 31 December 2016, ahead of the announcement of its audited annual results to be published on 27 March 2017.

Financial information quoted below is subject to the completion of the 2016 audit.

Completion of the Strategic Review

The strategic review that commenced at the beginning of 2016 has been completed, delivering the following outcomes:

· we have simplified the business into two business units, namely Sancus BMS and FinTech Ventures;
· Sancus BMS has brought together the alternative lenders operated by the Group, being Sancus, BMS Finance and Sancus Finance;
· we have completed our review of the goodwill arising on the acquisition of operating subsidiaries and of the valuations of platform investments;
· funding at a Group level has been improved with the repayment of the maturing syndicated loan today. This repayment reduced the Group debt balance to £32.0m with a weighted average cost of 6.0% (7.6% in 2016). The Group's next debt maturity is not until 5 December 2019 when the Group's zero dividend preference shares mature; and
· conflicts of interests have significantly reduced.

Group Structure

In our half year report we introduced our "3 Pillar" structure. Since the half year, with the sale of the Group's shares in The SME Loan Fund plc ("SMEF") and the changed role of Amberton Asset Management Limited ("AAM") (both announced on 8 March 2017), we consider that a structure of 2 pillars or business units is a more efficient way of managing the Group and is more readily understood by investors.

From a Group perspective, AAM's primary focus has become the raising of funding for Sancus BMS's lending operations, through securitization vehicles. AAM is therefore included in Pillar 1.

In summary:

Pillar 1, Sancus BMS is a profitable cash generative business with the potential to earn a high return on equity.

Pillar 2, FinTech Ventures, comprises the Group's portfolio of investments in innovative FinTech lending platforms (now numbering 12) from which the Group expects future capital profits on sale. These investments also include Funding Knight, a subsidiary since mid-year, the results of which are therefore consolidated.

Sale of Investment in SMEF

At year end, the Group's investment in SMEF of 25.3m shares (comprising 47.99%% of the fund) was valued at £23.6m at a mid-price of 93.5p. On 8 March 2017, the Group announced that it had sold this investment for £22.7m and that the proceeds were used to repay the Syndicated Loan (£14.9m) (due 15 March 2017), to purchase £5.3m of performing loans from SMEF which no longer fit their revised investment strategy and to invest the remaining balance in Sancus BMS.

This will further simplify the Pillar 1 balance sheet, and provide an overall improvement in annualised profit.

Group results for the year ended 31 December 2016

The key features of our financial results for the year have been:

· continued growth in the profitability of Sancus BMS;
· the consolidation of the operating losses, for the first time, of Sancus Finance (formerly Platform Black) and Funding Knight;
· in the second half of the year, negative fair value adjustments to the goodwill of two subsidiaries, Sancus Finance and Platform Black (of £4.1m) and an insignificant net fair value adjustment to FinTech Ventures' platforms; and
· achieving the £1m recurring expense savings target.

Performance of Sancus BMS

The pre-tax profit target for 2016 of approximately £2.5m as stated in our RNS dated 30 June 2016 was exceeded, excluding the consolidated loss of Sancus Finance.

Combined loan book growth for the year was a creditable 33%, reaching £151m for the first time. We continue to attract institutional and high net worth co-funders who support loan origination through our syndicated process. A key part of the Sancus BMS strategy is to continue expanding our quality co-funder client base, as this is an important factor underpinning loan book growth.

Platform Black was rebranded Sancus Finance in January 2017 and is trading in line with management's expectations, albeit the company, as it continues its development, lost approximately £1.5m in 2016. The business has been put through a strategic overhaul and is now positioned to break even on a monthly basis by the end of 2017.

Performance of FinTech Ventures

In the first half of 2016, the number of platforms in the Pillar 2 portfolio was reduced and write downs of £7.5m were recognised. In the second half relatively small valuation adjustments were made amounting to £1m, which, after a gain on foreign currency translation, resulted in a small net unrealised gain. These figures remain subject to the completion of our annual audit process.

It has been pleasing to note the additional third party funding which a number of platforms have been able to attract this year. This demonstrates growing confidence in their business models and has contributed to increases in their loan books. Two platforms have now reached break-even point. The aggregate loan books of the platforms grew by 94% to reach £141m. Platform management teams remain positive about the future.

Funding Knight is also in the process of a strategic review to position it for future profitability. An operating loss of approximately £0.5m has been recognised in the period since Funding Knight became a subsidiary.

Group costs

As noted above, our recurring cost savings target of approximately £1m was achieved in 2016, bringing the expected annual costs of running the GLI parent company to approximately £1.5m.

Non-recurring costs of £1.9m (including legal, professional and other project related costs) were expended as part of executing the restructure of the Group.

Confirmation of the new Dividend Policy

The Group will be paying its next interim dividend of 0.625p for the fourth quarter of 2016 on 21 April 2017.

The Board announced the Group's new dividend policy in its strategic update in August 2016. This recognises the need to balance dividend payments in the short term with the opportunities to grow the business for shareholders in the longer term. As such the Group's policy is to make dividend payments which are consistent with prudent capital and liquidity management, covered by cash earnings or realised profits on the sale of investments. Any dividend will be affordable.

GLI is committed to a providing a stable progressive platform for future growth.

In future, dividend payments will be made half yearly, September (interim dividend) and March (final dividend), with a weighting in payment of approximately one third/two thirds.

Conflicts of Interests

Potential conflicts of interest have been reduced in the second half as follows:

· the purchase of 14% of the shares in Sancus IOM Holdings Limited from directors of Sancus BMS Group, announced on 6 February 2017; and
· the sale of the Group's investment in SMEF (see above) has reduced any perceived conflict between SMEF, GLI and AAM (in which GLI is a 50% shareholder) as sub-advisor of this fund.

Outlook for 2017

The critically important strategic changes we undertook in 2016 are behind us. We have created a solid platform from which we can grow financial performance.

Sancus BMS expects loan demand to continue to be strong on attractive terms. An expanding and loyal institutional and high net worth co-funder base, together with a series of asset backed notes to be arranged by AAM during the year, will contribute to the funding of this growth.

We expect the majority of platforms within FinTech Ventures to accelerate their growth trajectories in 2017 and look forward to seeing significant developments this year.

Investment in second securitised loan note SPV



GLI announces that Sancus BMS Group Limited ("Sancus"), a wholly owned subsidiary of GLI, has subscribed for £3 million of redeemable preference shares in a newly established special purpose vehicle (the "SPV"), which was satisfied by the transfer of cash to the SPV.

The SPV has simultaneously raised a further £11.45 million through the issue of senior notes to external investors, closing its fund raising on 31 March 2017. The senior notes were admitted to the Official List of The International Stock Exchange (formerly the Channel Islands Securities Exchange) on 13 April 2017.The funds in the SPV will be used to make loans which will be arranged by Sancus and its subsidiaries.

Over the two year life of the SPV, Sancus's return is expected to be materially comparable to that which it currently earns on its lending business.

The SPV's loan portfolio will be managed by Amberton Asset Management Limited.



Commenting on the investment, Andy Whelan, the Chief Executive of GLI and Sancus said:



The establishment of this series of loan note SPVs is an important part of our funding strategy to expand the lending operations of Sancus. We were pleased to see the continuing interest from the market to participate in this second SPV, and through this mechanism, in the loans arranged by Sancus.

The Board of GLI are pleased to announce the signing of a new funding facility with Honeycomb Investment Trust plc ("HIT"). The funding line has a term of 3 years and comprises a £50 million accordion and revolving credit facility, of which £20 million will be drawn and deployed immediately. The facility will be used to expand further the activities of Sancus, the Company's property backed lending business.

Andy Whelan, CEO of GLI said:

"I am delighted that HIT have provided a substantial funding line to the Company. This will facilitate further expansion of our successful property-backed lending facilities through the Sancus Group of companies. Establishing such a facility has been one of our key stated objectives and is additional testament to the strength of the Sancus offering and our rigorous credit management. "

Howard Garland, Partner of Pollen Street Capital, the investment manager of Honeycomb Investment Trust plc said


What surprises me most about this is Pollen are commercial astute (recently bought Shawbrook). Apparently they target a 10% return. I'm surprised with regard to the size of the loan.

I don't understand GLI and it's web of interconnected transactions so staying clear.

Final Results for the Year Ended 31 December 2017

HIGHLIGHTS

Group Highlights

· Improvement in operating profit to £0.1m from a loss of £2.8m in 2016 reflecting strong revenue growth in Sancus BMS, reduced interest costs and operational cost savings.

· Group revenue of £11.6m decreased by 3% from £12.0m in 2016.

· Adjusting for the sale of the SQN Secured Income Fund shares ("SSIF")*, revenue increased 18%.

· Stabilisation of the FinTech Ventures portfolio following the write downs in the first six months.

· Group NAV is £74.8m (2016: £90.7m).

· Sale of the Group's equity holding in SSIF for £22.7m and subsequent repayment of the Group's syndicated loan of £11.9m.

· In accordance with the Group's stated policy of paying dividends out of net cash generation, no dividend will be declared for the period. The Group remains committed to reconvene dividends as soon as practicable.

Sancus BMS Highlights

· Revenue growth of 11.4% excluding SSIF dividends.

· Net operating profit up 26% to £1.6m following revenue growth and a reduction in debt costs.

· 26% growth in managed loan book to £218m with a default rate of under 0.5% reflecting strong underwriting controls.

· A special purpose lending vehicle established post year end with a £50m lending capacity, backed by a £45m credit facility with Honeycomb Investment Trust plc ("HIT").

· Improved performance by Sancus Finance and Sancus Funding** ("Sancus UK") with operating loss reduced by £0.8m to £1.5m with targeted break-even by the end of 2018. Sancus Funding now fully FCA authorised.

FinTech Ventures Highlights

· FinTech Ventures portfolio stabilised in the second half of the year following the £12.6m write down taken in the first half and a £1.7m foreign exchange loss for the year.

· The carrying value of FinTech Ventures portfolio reduced to £29.6m from £36.1m at 31 December 2016.

· NAV for FinTech Ventures portfolio 10.0 pence (31 December 2016:13.3 pence).

· Portfolio companies moving toward break-even with the majority forecast to achieve break-even during 2018.

· Further investment made of £1.5m in five platform companies primarily in the form of convertible loan notes during the year.

· Several of the platforms are expected to successfully raise further equity during 2018 to fund future growth.

Andy Whelan, CEO commented:

"The year saw a lot of change as I continued the work I started on my appointment in December 2015. Two years into my role I can see real progress.

Sancus BMS is the key operating unit within the Group and is starting to deliver on its potential. The businesses that comprise Sancus BMS are good businesses, well run, with the ability to deliver healthy returns. We are delighted to have secured the credit facility from HIT which was announced in January 2018 which will help drive further growth.

We have taken some tough decisions on the FinTech Ventures portfolio and made substantial write-downs in the first half of the year. I am delighted that no further net write-down was required at the end of the year. With most of the restructuring that is required now complete we will seek to maximise the value of the portfolio going forward"

*On the 27 April 2017 The SME Loan Fund ("SMEF") was renamed to the SQN Secured Income Fund ("SSIF").

** Funding Knight changed its name to Sancus Funding on 16 January 2018.

Interim results for the six months to 30 June 2018

HIGHLIGHTS



Group Highlights

· Group revenue increased by 26% to £7.2m (June 2017: £5.7m).

· Significant improvement in net operating profit to £1.1m (2017: loss of £0.5m) driven by strong revenue growth and continuing cost discipline.

· FinTech Ventures portfolio valued at £23.9m, (Dec 2017: £29.6m) following revaluation.

· Group Net Asset Value ("NAV") is £64.1m (Dec 2017: £74.8m).

· In accordance with the Group's stated policy of paying dividends out of net cash generation, no dividend will be declared for the period. The Group remains committed to recommence dividends as soon as practical.

· Post period end, £7m of cash received from the sale of BMS Irish assets which can be deployed within the Group and be used to acquire more ZDPs.

Sancus BMS Highlights

· Strong performance by the Sancus businesses.

· Revenue growth of 42%, excluding The SQN Secured Income Fund ("SSIF") dividends.

· Net operating profit up 193% to £1.9m (June 2017: £0.7m).

· 12% growth in managed loan book to £246m with actual loss rate of under 0.5% reflecting strong underwriting controls.

· The special purpose lending vehicle established in January 2018 with a £50m lending capacity, backed by a £45m credit facility with Honeycomb Investment Trust plc ("HIT") is proving a success. £22.9m had been drawn as at 30 June 2018.

· Improved performance by Sancus Finance and Sancus Funding (together to be referred to as "Sancus UK") with operating loss reduced by £0.3m to £0.5m. Sancus Finance performance was behind forecasts for the first half of the year but targeted break-even by the end of 2018. The regulated business will commence property backed lending before the end of the year.

· With Sancus Finance having performed below target for the period and being integrated with Sancus Funding into one Sancus UK business, goodwill of £2.1m relating to Sancus Finance has been written off.

FinTech Ventures Highlights

· The carrying value of FinTech Ventures portfolio is £23.9m (£29.6m at 31 December 2017).

· NAV per share for FinTech Ventures portfolio 8.6 pence (31 December 2017:10.0 pence).

· The write down in the period of £8.3m includes a £4.1m write down in one of our prioritised platforms. The platform is close to finalising a significant investment from third parties which will result in a painful dilution of our holding. Whilst clearly disappointing to take a large write down, this new investment will help to ensure and accelerate the long-term prospects of the platform.

· 29% increase in loan origination across the portfolio companies compared to prior year.

· Three platforms have successfully raised new equity from third parties during the period. Several of the others are looking to raise equity over the next twelve months and we have conservatively approached the valuation of those platforms with this in mind.

· Further investment of £2.2m made in four platform companies during the period, primarily in the form of convertible loan notes.

Andy Whelan, Chief Executive Officer commented:

"The Group has seen good progress during the first half of 2018, improving revenue, successfully securing a new funding line and reducing costs across the business.
We are pleased that Sancus BMS, the key operating unit within the Group, has delivered some strong results during the six-month period. The lending businesses that comprise Sancus BMS are strong, well managed, and have the ability to deliver a very attractive return on capital. We were delighted to have secured the £45m credit facility from HIT announced in January 2018 and this has helped us significantly grow the loan book. The new management team in the UK is making excellent progress in integrating the businesses, and delivering synergies. Whilst Sancus Finance's loan book has grown materially since last year, it has fallen short of where we had hoped it would be at this time.

We are very disappointed to have had to take a further material write down on the FinTech Ventures portfolio. Whilst FinTech as a sector continues to grow strongly, increased competition is making it increasingly difficult for smaller players, particularly those that are loss making, to raise further equity. Given the plethora of investment opportunities, investors are often able to negotiate favourable terms. With competing demands for our capital, we often haven't been able to follow our money, and this has resulted in situations where we have been significantly diluted. Several of our platforms are looking to raise equity over the next twelve months, and given our conservative approach to valuations, we believe there is upside potential if these raises are successful."

This announcement contains inside information for the purposes of EU Regulation 596/2014.

Liberum Capital Buy 8.50 16.30 17.20 Upgrades