RNS Number : 4402S
GLI Finance Limited
24 September 2014
 



GLI Finance Limited ("GLI Finance" or "the Company")

 

Agreement of £30 million loan facility

 

The board of GLI Finance announces that the Company has agreed a loan facility to borrow up to £30 million ("the Facility") with Sancus Limited ("Sancus"), a peer to peer lender in which GLI Finance holds 7.4% of the issued ordinary shares.

 

GLI Finance will use the Facility primarily to take advantage of current strong growth in demand to build its portfolio of attractive loan assets diversified by geography, industry and size and type of lending. In doing so, the Facility will also support the further growth and development of the peer to peer lending platforms in which GLI Finance already holds equity interests. As outlined in the Company's interim results statement released on 23 September 2014, GLI Finance is also working on a number of deals to acquire equity holdings in additional platforms and the Facility will provide an additional source of funding to the Company to complete these transactions.

 

The Company can initially borrow up to £10 million under the Facility, with the potential for up to a further £20 million to be made available at a later date. Interest on the Facility, which is secured over the Company's assets, will be charged at 11% per annum. The Facility falls due for repayment on 15 March 2015.

 

Geoffrey Miller, the Company's CEO, is also a director of Sancus and the aggregate interests of Sancus' directors in its issued share capital exceed 30%. As such, Sancus is a related party of the Company under the AIM Rules. The other directors of GLI Finance (all of whom are independent of Sancus) consider, having consulted with Panmure Gordon as the Company's nominated adviser, that the terms of the Facility are fair and reasonable insofar as the Company's shareholders are concerned.

 

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

Joanne Lake

+44 (0)113 357 1151

 

Camarco

Ed Gascoigne-Pees

+44 (0)203 757 4984

+44 (0)203 757 1949

 

About GLI Finance

 

GLI Finance is a specialist provider of finance to small and medium sized enterprises and is quoted on AIM.  GLI Finance invests in peer to peer lending platforms and provides equity finance to SMEs through the platforms in which it invests.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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