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This looks very much like a debt for equity switch to me....they are going to use pref shares to repay debt. As an ex ****er myself I am guess their lenders are unhappy hence the issue of pref shares which will give lenders 1st call on dividend so that's why SP has collpased - though this is being dressed up by GLI as all good news as usual. Will technically improve BS by the amount if Pref share issue and repayment of debt.
I'd like to read Tom Winnifrith's take on this - he's been tipping GLIF lately
What impact does the capital restructure have on the NAV - does anyone know?
Yep. Lucky I got out of this company a few months back as I thought they were talking a load of **** then.
So I guess people don't like the proposed capital restructure or the future dividend policy. Is there any light at the end of the tunnel?
I wonder if Geoff Miller will buy another big chunk this December to match the one from last December?
Assuming there is no fundamental worsening in its business then it certainly looks oversold. At 40p it's trading at a 20% discount to NAV and on a yield of 12.5% - even a 25% cut in dividend would still make it an income buy with potential for capital appreciation.
GLIF looks rather oversold now but I confess their business model is fairly confusing. Nevertheless dividends have been steady until now so there may be a cut on the horizon. Lending to others is usually profitable, but I'm glad I shifted funds out of here a few months ago. I think a management statement might be useful at this point.
on my watch list now
Must be an ii offloading their stake for whatever reason. Has all the hallmarks of an overhang in a usually illiquid share with pi's joining in. Drop has been going on for weeks with recent downward spikes - one only hopes they are coming to the end of their offload and put out an RNS. The alternative explanations are uncomfortable to contemplate for a long term holder.
Twonko your not wrong there mkts are terrible
Been out of GLI for a few months mainly because I have a growing distrust of anything listed on AIM. Looks like I was right. It was nice while it lasted.
Down again today when everything else is up. This share is a dog. I sold off 4 months ago. Reason I really didnt like their business model or the way risk is managed through the growth of their operating platforms. The way they lend to SMEs is very risky in my view and we are still in the good times of low interest rates. For those still in I obviously hope I am talking through my backside.
I have sold half of my holdings. There must be aomee wrong for it to fall 8% on s day when ST says still a buy
Laughton, is it possible to cut and paste the whole article?
Positive review by ST in Investors Chronicle today with a BUY recommendation. Personally I think he's being very optimistic needing everything to go right but he's persuaded me to hold on for the time being. http://www.investorschronicle.co.uk/2015/11/18/comment/simon-thompson/high-yield-p-p-play-3ID5YQHXAJ6Zrn8yw0VZ6I/article.html?utm_campaign=ICDailyEmail_2013
The SP is tanking. It's time for the Board to say something - hopefully of a positive nature!
Yes this is dismal. The support at 50p evaporated and IMO it may find support in the 2011 trading range around 40p. I'd be interested to read TW's take on this now... Good luck all
The share price performance in the last few months has been dismal. Either the market doesn't believe in the Company's strategy or they don't believe that the management can implement the strategy. Yield is now over 11% which is fine if it can be sustained but a yield at this level usually means that a cut is in the offing. I can't make up my mind. I'm showing a big loss on paper which I'm reluctant to crystallise. If the Board would indicate that they intend to take the scrip dividend for the December interim that would be an encouraging sign. They mostly took the scrip dividend for the 2 previous interims.
When I bought in hear I thought this was the sort of share that would give me a nice dividend and the SP would be remain pretty steady, Simon Thomson liked it, TW liked it, what could go wrong ! . I guess I will just have to give it a bit more time.
Apologies for those. Glitch on my phone rather than intended.
Amazing how people say they do not know the div cover. Why not look it up? In this case Telegraph. well all you guys singing its praises let's have a look. P/E ratio minus 5.25 five yield 9.93% cover Nil earnings per share minus 9.59 How is all this attractive? Far too risky to my mind but what do I know
The divi is a good reason to buy on the surface. Don't know how much it is covered by though. GLIF has never been good at presenting clear, simple, transparent financials. It would also be good if they were frank about the state of current and expected competition to counterbalance the implicit narrative of a 'land-grab'. I'm going to hold back from buying more ( beyond those from divi reinvestments) until the BoD gives more detail on the progress towards profitability of the multiple platforms and better forward guidance for GLIF as a whole.
Good reason to buy in my view.
Good reason to buy in my view.