22 Jul 2016 07:00
22 July 2016
GLI Finance Limited
(the "Company" or "GLI Finance")
Publication of Net Asset Value
The Company announces its unaudited net asset value ("NAV") per share as at 30 June 2016 was 37.07p, representing a 12.6% reduction from the NAV per share of 42.42p as at 31 March 2016.
The movement in the NAV per share comprises an 8.2% increase in NAV and a 23.8% increase in shares in issue following completion of Project Clarity. The increase in NAV per share arising from Project Clarity was, as expected, just under 2p per share, consistent with the Company's announcement on 16 May 2016.
As also previously stated, the Board is currently in the process of a strategic review. As part of this, the Board continues to review the valuations of the platform portfolio and has written down certain of the Company's investments by a total of circa £11m in this quarter. £3.8m of this was in relation to the write down of Funding Knight Holdings Limited which entered administration and was subsequently purchased by the Company, as announced on 28 June 2016. Furthermore, the Board has decided to write down a £4.5m loan that had been made to an unrelated party. The remaining adjustments relate to certain other platforms, where the Board has felt it prudent to write down carrying values. The Board is increasingly confident in the valuations but note that, by the nature of the underlying investments, values can change in a relatively short space of time.
The Board will provide a further update to shareholders when the Interim Results are released on 19 September 2016.
For further information, please contact:
GLI Finance Limited
Andy Whelan
+44 (0)1534 708900
Panmure Gordon (Nominated Adviser and Corporate Broker)
Dominic Morley
+44 (0)20 7886 2954
Peter Steel
+44 (0)113 357 1152
Charles Leigh Pemberton
+44 (0)20 7886 2906
Instinctif Partners (PR Advisor)
Tim Linacre/Nick Woods
+44 (0)207 457 2020
About GLI Finance
GLI Finance (www.glifinance.com) is a specialist provider of finance to small and medium sized enterprises. Its ordinary shares are quoted on the AIM and its issued zero dividend preference shares are listed and traded on the main market of the London Stock Exchange (tickers GLIF and GLIS (Ord) and GLIZ (2019 ZDP)). The loans are provided to SMEs through a variety of finance platforms in which GLI Finance has an equity stake.
The platforms in which GLI Finance is invested vary by geography, industry, size of lending and by type of lending. They include UK and US SME Lending, Offshore Lending, UK and European Invoice Discounting, Supply Chain Finance, Global Trade Finance, and UK Property-Backed Lending.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.