RNS Number : 5273O
GLI Finance Limited
08 November 2016
 

08 November 2016

 

GLI Finance Limited

("GLI" or the "Company")

 

Issue of new securitised loan note

 

GLI announces that Sancus BMS Group Limited ("Sancus"), a wholly owned subsidiary of GLI, has subscribed for £7.5 million of redeemable preference shares in a newly established special purpose vehicle (the "SPV"), to be satisfied by the transfer of existing loans and cash to the SPV.

 

The SPV has simultaneously raised a further £10 million through the issue of senior notes to external investors, which will be used to make further loans.  Over the 2 year life of the SPV, Sancus's return is expected to be materially comparable to that which it currently earns on its lending business.

 

The loan portfolio in the SPV will be managed by Amberton Asset Management.

 

Commenting on the issuance, Andy Whelan, the Chief Executive of the Company said:

The interest in this note reflects the growth we are seeing within Sancus and is the first of an intended series of SPVs which will expand the loan funding available to Sancus.

 

The Sancus Group continues to trade in line with expectations formed at the time of the acquisition of Sancus (Gibraltar) Limited and the minority interest in GLIF BMS Holdings Limited and are high return on capital businesses.

 

 

For further information, please contact:

 

GLI Finance Limited

Andy Whelan

+44 (0)1534 708900

 

Liberum (Nominated Advisor & Corporate Broker)

Steve Pearce

Chris Clarke

Jonathan Wilkes-Green

+44 (0) 20 3100 2190

 

 Instinctif Partners (PR Advisor)

Tim Linacre/Nick Woods

+44 (0)207 457 2020

 

Inside information

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

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 (ticker GLIF (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 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.

 

 


This information is provided by RNS
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