17 Feb 2015 07:00
17 February 2015
GLI Finance Limited
NAV and operational update; exploring the launch of a closed end fund
GLI Finance Limited ("GLI" or the "Company"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, is pleased to announce its net asset value ("NAV") as at 31 December 2014 and provide an update on operations.
Net Asset Value
The Company's unaudited NAV per share as at 31 December 2014 was 51.00p, an increase of 5.5% from the unaudited NAV per share of 48.32p as at 30 September 2014. The increase was driven by an uplift in the valuation of the Company's shareholdings in its platforms.
Further investments in platforms and transition to trading company
During the final quarter of 2014, GLI completed two investments in platforms and a significant acquisition, as part of its strategy of becoming a global provider of SME finance and, ultimately, its transition to a trading company. These were:
· October 2014 - UK Bond Network, the UK's first peer to peer bond platform;
· November 2014 - Ovamba, the Africa focused alternative finance platform; and
· December 2014 - Sancus, an offshore secured lending business focused on Channel Islands-based entrepreneurs, SMEs, high net worth individuals and professionals
In particular, the acquisition of Sancus now provides GLI with an in-house underwriting and origination capability and the further investments provide further lending diversity by duration, geography and asset type.
The Company has established a highly experienced management team, with a further executive appointment during the final quarter, Andrew Whelan joining the Board as GLI's Director of Lending. All critical functions have now been internalised.
The Company has also applied to the Guernsey Financial Services Commission to change its status from Closed-end Fund to Non-regulated Financial Services Business.
Exploring the launch of a closed end fund
In the light of recent developments in the marketplace, the Board is also exploring the possible flotation of an independent investment company (the "Fund"), which would be managed by GLI and invest in a diversified portfolio of loans originated principally by the Company's family of lending businesses. The Fund's aim would be to provide investors with access to the fast expanding alternative finance market, leveraging GLI's unique position in terms of its experience, knowledge and day to day involvement in the alternative finance sector. The Fund would target a high single digit yield for investors, whilst providing GLI with further scaleable origination capability.
N+1 Singer Advisory LLP has been appointed to assist the Fund with this process.
.-Ends-
For further information, please contact:
GLI Finance Limited
Geoffrey Miller
+1 203 916 0003
+44 7408 830719
Panmure Gordon
Dominic Morley
+44 (0)20 7886 2500
N+1 Singer
James Maxwell / Alan Geeves
+44 (0)207 496 3000
Camarco
Ed Gascoigne-Pees
+44 (0)203 757 4984
+44 (0)788 400 1949
About GLI Finance Limited
GLI Finance (www.glifinance.com) is a specialist provider of finance to small and medium sized enterprises and is quoted on the AIM market of the London Stock Exchange (ticker GLIF). GLI Finance 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.