LONDON (Alliance News) - GLI Finance Ltd on Monday said it has agreed an all-share deal to acquire a further stake in online trade finance company TradeRiver Finance Ltd.
Under the deal, GLI will issue 6.2 million shares and 791,418 zero dividend preference shares to TradeRiver's shareholders. Based on GLI's closing mid-market price of 57.5 pence per share, the valuation of TradeRiver's assets represents an 11.4% premium to GLI's holding valuation of GBP9.1 million at the end of December.
The deal will give GLI a 43.9% stake in TradeRiver's ordinary shares and a 100% holding of its preference shares.
Shares in GLI were up 0.3% to 57.65 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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