LONDON (Alliance News) - GLI Finance Ltd Thursday said its net asset value per share declined in the third quarter as a result of weakness in the dollar against sterling.
AIM-listed GLIF, which originates and invests in loans, providing finance to small- and medium-sized businesses in the US and UK, also said it has appointed Emma Stubbs as its new chief financial officer. Stubbs joins from Sportingbet, where she was Head of Business Analysis and Projects, and will start in November.
GLIF said its NAV per share was 51.8 pence on September 30, compared to 53.1 pence on June 30.
GLIF said its sterling and Euro denominated investments, valued at GBP22.4 million at the end of the quarter, were unchanged for the quarter, but its US investments had suffered as a result of dollar weakness against sterling during the quarter.
The US investments were valued at GBP43.5 million at the quarter end, down GBP2.1 million in sterling terms, despite being up USD1.0 million in dollar terms.
"The company's recent acquisitions continue to integrate well with early indications of opportunities for both cross-referral between the company's platforms and for the platforms to work together on financing solutions for UK SMEs," GLIF said in a statement.
GLIF also said it is seeking shareholder approval to update its investing policy and also to delist from the Channel Island Stock Exchange.
GLIF shares were Thursday quoted at 52.00 pence, down 0.5%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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