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GLI Finance(GLIF) Fundamentals

The Investor Betting Big on Alternative Finance

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