1 Jun 2015 07:00
1st June 2015
GLI Finance Limited increases investment in Platform Black Limited
The board of GLI Finance Limited ("GLI" or "the Company") announces that on 29 May 2015, the Company increased its stake in the equity of Platform Black Limited ("Platform Black", a UK-based peer-to-peer invoice trading and supply chain finance business) to 31.9% of the ordinary shares. GLI has held a 20% stake in the ordinary shares of Platform Black since September 2013.
This transaction, part of a wider sale of shares by former management of Platform Black and valuing the issued ordinary share capital of the business at £2.5m, was effected by the acquisition of ordinary shares held by Louise Beaumont in Platform Black. Dr Beaumont is GLI's Head of Public Affairs and Marketing and one of Platform Black's co-founders.
To satisfy the consideration for this acquisition, GLI will issue 511,529 GLI ordinary shares of nil par value ("Ordinary Shares") to Dr Beaumont. Dr Beaumont's resultant interest in the capital of the Company is in 511,529 Ordinary Shares, representing 0.2% of the Company's enlarged issued Ordinary Share capital.
Geoff Miller, Chief Executive of GLI, said: "Our decision to increase GLI's stake in Platform Black, along with other changes to its share register, reflects the significant recent operational and personnel changes made by the company's management. We believe that Platform Black today is a much stronger business than it was a year or so ago, with the resilient processes and procedures that give it the potential to accelerate profitable growth, through its supply chain finance and partnerships businesses. The fact that we are happy to increase our stake in Platform Black, in exchange for new shares in GLI, reflects the confidence we have in the business."
Caroline Langron, Managing Director of Platform Black, said: "I am delighted that GLI, alongside Platform Black's board, management team and other external investors, have endorsed the new model for the business through increasing their respective equity investments. I look forward to the future with cautious optimism and to building on the supply chain finance and partnerships businesses."
Application has been made for 511,529 new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange, which is expected to occur on or around 4 June 2015. The new Ordinary Shares rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive dividends.
On admission, the Company's enlarged issued ordinary share capital will consist of 214,289,446 Ordinary Shares. All of these Ordinary Shares carry voting rights of one vote per Ordinary Share. There are no Ordinary Shares held in treasury and so the total number of voting rights in the Company following admission will be 214,289,446. The above figures should be used by shareholders following admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
-ENDS-
Contact
GLI Finance Limited
Geoffrey Miller
+1 203 916 0003
+44 7408 830719
Panmure Gordon
Dominic Morley
+44 (0)20 7886 2954
Tom Salvesen
+44 (0)20 7886 2904
Peter Steel
+44 (0)113 357 1152
Camarco
Ed Gascoigne-Pees
+44 (0)203 757 4984
+44 (0)788 400 1949
Hazel Stevenson
+44 (0)203 757 4989
+44 (0)798 600 9720