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If this rather expensive loan facility was repaid? The board of GLI Finance announces that the Company has agreed a loan facility to borrow up to £30 million ("the Facility") with Sancus Limited ("Sancus"), a peer to peer lender in which GLI Finance holds 7.4% of the issued ordinary shares. GLI Finance will use the Facility primarily to take advantage of current strong growth in demand to build its portfolio of attractive loan assets diversified by geography, industry and size and type of lending. In doing so, the Facility will also support the further growth and development of the peer to peer lending platforms in which GLI Finance already holds equity interests. As outlined in the Company's interim results statement released on 23 September 2014, GLI Finance is also working on a number of deals to acquire equity holdings in additional platforms and the Facility will provide an additional source of funding to the Company to complete these transactions. The Company can initially borrow up to £10 million under the Facility, with the potential for up to a further £20 million to be made available at a later date. Interest on the Facility, which is secured over the Company's assets, will be charged at 11% per annum. The Facility falls due for repayment on 15 March 2015. Geoffrey Miller, the Company's CEO, is also a director of Sancus and the aggregate interests of Sancus' directors in its issued share capital exceed 30%. As such, Sancus is a related party of the Company under the AIM Rules. The other directors of GLI Finance (all of whom are independent of Sancus) consider, having consulted with Panmure Gordon as the Company's nominated adviser, that the terms of the Facility are fair and reasonable insofar as the Company's shareholders are concerned.
dividend on the way. who hasn't got these stuck in an ISA especially as a higher rate tax payer...worth about £2k a year gross if I was earning it.
seem to have sold their entire share for a 6% loss (ignoring currency fluctuations either way). But this cash, plus the accelerated book-build of last month gives them plenty of fire-power!
Thanks Bazzaman. Forgot it was divi time
It went ex dividend on Thursday - so should recover.
Is there anyone invested in GLIF who can throw a bit of light on the drop in the SP. Am I over complicating it if I say I think it might have something to do with the recent ECB QE decision and the market believing that there will be less demand for GLIF funding as the banks will now be in a better financial position to take up a slice of this again
Point taken, but while they're still paying me my divi each 1/4 I'll stick wiv em
with proplend....works quite well and very simple....the fee they charge is almost like a rental agency fee...I can see why GLIF would be interested. Interestingly, proplend is far less hassle than actually renting a property...the only difference is you can gear up a rental property with a mortgage.
Its quite clearly manipulated. Some may prefer to say market forces, But in AIM these effectively mean the same thing. and were all entitled to an opinion.
Interesting GLIF invested in proplend according to the HY - https://www.proplend.com/about/ yields being offered for commercial loans look quite attractive!
this share still rising in a falling market. still along way off brokers price
Plenty of buyers every day pushing this slowly upwards, that works for me. With the quarterly dividend this is a great share.
Bazzaman, good find. In the scheme of things financing-wise £1billion is not a big market, so it will be interesting to see if the growth of alternative finance does meet some of the predictions. I'm more interested to see from any future reporting how well the different GLIF platforms are performing, or at least what earnings GLIF are generating from each.
exposure in Mail on Sunday yesterday http://www.mailonsunday.co.uk/money/smallbusiness/article-2895658/The-1bn-finance-sector-s-no-longer-alternative.html
Small < 1% ISC , cosiderable I would assume being > 5 % ISC. Not sure still being in business is a measure of future success.
I hold a considerable stake in this business and consider it to be OK; the mere fact that they are still in business speaks volumes to me........
I was not talking about AIM being full of fraud. And no you can't get fraud cover for what I was talking about which was the Invoice Finance Industry. i am well aware of how to diversify a portfolio ta.
Aim is full of fraud. There are accounting errors everywhere even at Ft 100 Tesco. I say don't put a whole lot of money in to one share, diversify. The directors have been buying and they pay the dividend. As you say, fraud is a big problem but you can get insurance to cover that
I have a small stake in this business. However, i used to work in this industry with one of the UKs largest providers of invoice finance. What GLI are doing ie financing individual invoices is a very risky business others have tried this route before and come a real cropper. It is so open to fraudulant activity by the client and very difficult to spot. Added to that debt collection in france is very hard late payment is a way of life. So having read this I will see if there is a little more steam left in the upward momentum of this stock then I am cashing in. Hope for others I am wrong and perhaps Gli are smarter than I ever was at this type of finance.
GLI FINANCE TO LAUNCH FIRST FRENCH ONLINE WORKING CAPITAL FINANCING PLATFORM GLI Finance, a loan business quoted on AIM, has raised $22.5m of funds required for a 26.44% stake in new French financing platform Finexkap. Other investors in the platform include Finsight, a globally focused Fintech investment fund which includes partner, former chief operating officer and board member of LendingClub, John Donovan, as well as Fintech private investors and family offices. With an annual volume of receivables for French business-to-business companies exceeding $800bn in 2013, France constitutes one of the largest factoring markets in the world. Finexkap is the world's first French working capital financing platform to purchase small and medium sized enterprises' receivables on the web through refinancing vehicles managed by Finexkap AM. The platform provides a market-disruptive short-term funding solution to entrepreneurs needing fast access to financing. Finexkap will fully launch its financing activities in the fourth quarter of 2014. The Company will use $15 million of the total funds raised for its refinancing vehicle to fund the first batch of receivables. Geoff Miller, Chief Executive of GLI Finance, said: "Finexkap has developed a flexible way of financing working capital for SMEs in France by allowing small businesses to choose the invoices they wish to clear and get funded without any sort of commitment, in stark contrast to traditional banks in France which typically do not offer spot financing. "With a huge demand for this type of flexible finance and innovative proprietary technology, the platform has huge growth potential and should be a great partner for GLI Finance." As of 10:13, GLI Finance's share price rose 0.70% to 58.53p per share.
http://www.iii.co.uk/articles/213074/aims-biggest-dividend-payers-2015
paying divi on 18 dec, pays 4 times a year. Re-invest the 3 other dividends and take the 4th divi for Christmas. Come on in and fill ye xmass stockings with this share. Its going to be a prosperous 2015.
share price still steady. 8.62% dividend. come and fill ye boots.
this great share is holding steady. Get in and get an 8.5% divi
Don't worry about missing the Divi, The company pays quarterly. That's every 3 months. So if you decide to reinvest those dividends you don't have to worry too much about your timing.