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GLI Finance(GLIF) Fundamentals

The Investor Betting Big on Alternative Finance

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.

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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