1st June 2015
GLI Finance Limited
NAV and operational update
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 March 2015 and provide an update on operations.
Net Asset Value
The Company's unaudited NAV per share as at 31 March 2015 was 54.56p, an increase of 7.1% from the NAV per share of 51.0p as at 31 December 2014.
The increased strength of the dollar against sterling in the quarter increased the NAV by 1.4%. The remaining increase was as a result of platform revaluations:
· LiftForward and Finexkap saw an increase in their value, reflecting significant progress in their businesses, as the growth of origination in both has accelerated markedly.
· Sancus' value increased as a result of the satisfaction of all conditions of the transaction for completion and distribution of GLI ordinary shares to Sancus Holdings Limited shareholders.
· The value of Platform Black was written down to reflect the level at which the sale has been agreed of 29% of the share capital by certain existing investors to GLI, Platform Black's management, staff and other external investors , as detailed in a separate announcement today by the Company. As a result of the transaction, GLI's holding of ordinary shares in Platform Black will increase to 31.9%.
Operational Update
The platforms are all performing well, many are ahead of our expectations and we expect significant developments in the second half of this year.
A number of strategic discussions are ongoing that could accelerate the development of the existing platforms, the asset management aspirations of the company and the potential of the business to exploit other areas of the SME finance value chain, but there is no guarantee at this stage that any of these discussions will be successful.
-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
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.