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GLI Finance(GLIF) Fundamentals

The Investor Betting Big on Alternative Finance

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%