16 Feb 2016 12:37
GLI Alternative Finance PLC
("GLIAF" or the "Company")
Re announcement issued by GLI Finance Limited
The Board of GLI Alternative Finance plc notes the announcement issued by GLI Finance Limited ("GLIF") this morning regarding, amongst other matters, the strategic review of its business (the "Announcement").
As detailed in the Company's prospectus, GLIAF currently invests in a range of loans principally originated through the investee platforms ("Platforms") in which GLIF holds strategic equity investments. It also continues to be the case that the Company will consider other investments through third party alternative lending platforms that present suitable investment opportunities.
The Company also notes mention in the Announcement of the intention to rebrand the manager of GLIAF, GLI Asset Management Limited (the "Manager"), following completion of the share purchase agreement between GLIF, GLIAF and Golf Investments (part of the Somerston group of companies), further details of which are contained in the Company's announcement of 10 February 2016. It is also the intention for the Manager to have a distinct board of directors and independent non-executive chairperson.
The Company's stated investment policy remains unchanged. The provision of loans by GLIAF to SMEs, whether they be via investee Platforms or via third party platforms, will continue to be assessed on a case basis by the Manager, including working capital loans to Platforms or third party platforms should it consider it to be in shareholders' best interests to do so.
Norman Crighton, Chairman of GLIAF, commented:
"GLIAF will continue to work in the best interests of all of our shareholders, including our largest GLIF, as well as with our investment manager and the underlying investee platforms during this period of change."
For further information, please contact
GLI Alternative Finance PLC c/o N+1 Singer
Norman Crighton
GLI Asset Management Limited +44 (0)1481 708280
Graham Glass
N+1Singer +44 (0) 20 7496 3000
James Maxwell / Lauren Kettle
Information on Somerston and Golf Investments
Somerston is a privately owned group of companies headquartered in Jersey. With its origins in shipping, Somerston now primarily focuses on real estate investment and development internationally as well as making private equity and venture capital investments. Somerston has held strategic interests in a number of listed companies. Further details on Somerston are available to view at www.somerston.com.
Golf Investments is a wholly-owned subsidiary of Somerston specifically incorporated for the purposes of the arrangements described above.