30 Apr 2015 14:30
30 April 2015
GLI Finance Limited
AGM Statement
GLI Finance Limited ("GLI" or the "Company") is holding its Annual General Meeting at 3pm today. At the meeting, Patrick Firth, Chairman, will give the following statement:
The development of all of our platforms is progressing well, and there are some extremely encouraging signs in terms of overall loan origination levels and pipeline of potential partnerships that could boost lending significantly. In order to provide funding alongside that of GLI, our US platforms have in aggregate agreed over $1.2 billion of lending capacity with third party investors, which is a positive indication of the quantum of the opportunity opening up to our platforms around the world.
In addition to organic scaling of the platforms, Sancus is in the final stages of opening an office in Gibraltar. This branch, which is subject to regulatory approval, is planned to be operational by the end of June 2015. Sancus is also progressing with its previously advised intentions of opening offices in both Malta and the Isle of Man and is also exploring further locations including the Cayman Islands.
We continue to work on the launch of a closed end fund, focusing on a loan portfolio diversified by geography, size of loan, type of lending and duration. We believe that our unique position, in having detailed insight into the platforms with whom we work and a seat on the Board of each of our platforms will be of great benefit to the fund, both in absolute and relative terms.
Similarly, we are working on the listing of the Company's Zero Dividend Preference Shares ("ZDPs") and we will be updating the market in due course on progress.
Today marks the deadline for neutral platforms - which offer SMEs access to a wide variety of finance providers from traditional to alternative - to apply for HM Treasury designation as platforms that SMEs rejected for bank finance can be referred to, in order that they can be swiftly matched to suitable finance providers. This designation process will take until the end of the year, and marks an important development in the alternative finance industry. Businesses in the GLI family will not only benefit from their presence on these neutral platforms but GLI will also have direct exposure to neutral platforms and the growth therefrom.
We continue to monitor opportunities to further develop our range of platforms, but given the potential size of origination capability of our existing platforms, we are only pursuing significant opportunities that can add material and differentiated origination. Talks continue with public bodies in a variety of jurisdictions about leveraging our unique knowledge base to develop alternative finance as a material source of SME finance.
The alternative finance sector continues to develop at an exponential rate and GLI, through its strategic relationships, will be at the core of the development of the industry.
-ENDS-
GLI Finance Limited
Geoffrey Miller
+1 203 916 0003
+44 7408 830719
Panmure Gordon
Dominic Morley
+44 (0)20 7886 2500
Peter Steel
+44 (0)113 357 1152
Tom Salvesen
+44 (0) 207 886 2904
Camarco
Ed Gascoigne-Pees
+44 (0)203 757 4984
+44 (0)7884 001 949
Hazel Stevenson
+44 (0)203 757 4989
+44 (0)7986 009 720
About GLI Finance
GLI Finance is a specialist provider of finance to small and medium sized enterprises and is quoted on AIM. GLIF both invests in loans to SMEs and originates finance for SMEs through a variety of finance platforms.
The platforms in which GLI Finance is invested vary by geography, industry, size of lending and by type of lending. They include Global trade Finance, UK and US SME Lending, Offshore Lending, UK invoice discounting, European invoice discounting, Global multi-asset crowd funding and UK property-backed lending.