GLI Finance Ltd - AIM-listed alternative finance company - Announces proposals for fundraising, refinancing of liabilities and restructuring of the business. Proposes firm placing and open offer to raise up to GBP4.0 million at an issue price of 2.25 pence, of which GBP3.0 million has been underwritten by shareholder Somerston Group. Proposes refinancing of existing bonds by way of a bond Issue, with attaching warrants, of up to GBP15 million, for which commitments of GBP8.2 million have been received including GBP6 million from Somerston Group. Proposes continuation of ZDP Shares, with extension of the final capital repayment to December 2022. Proposes extension of credit facility with Honeycomb Investment Trust.
"We are delighted that Somerston Group has provided further support to the company during a period of challenging events both globally with the global health pandemic; and in the UK with Brexit deadline fast approaching. I would also like to thank all stakeholders; Ordinary & ZDP shareholders, Bond holders and Pollen Street Capital (the Manager of Honeycomb Investment Trust) for their continued support," says Chief Executive Andy Whelan.
Current stock price: 2.40p
Year-to-date change: down 48%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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