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GLI Finance(GLIF) Fundamentals

The Investor Betting Big on Alternative Finance

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.