Gli Finance Share Discussion Threads

[danieldruff2] 24/3/2016 11:20

I was checking for news stories on GLIF yesterday as I too thought something unusual was going on, didn't find anything. Today's action looks all the more odd!

[bluemango] 24/3/2016 08:46

Bullish hammer after yesterday's trading, with fairly high volume for this stock, and now an early riser today in contrast with the Ftse down. Hmmm.

Edit: currently 20th in top risers list. And high volume again. Something leaked?

[skinny] 17/3/2016 14:03

The Board of Directors has welcomed the announcement that Funding Options, an investee of GLI, has been recommended by the British Business Bank to go forward for designation by HM Treasury for the Bank Referral Scheme.

Announced within HM Treasury Budget 2016, businesses that are rejected for finance by high-street banks will be able to access new options, with the Budget announcing that Funding Options will be designated as one of only three finance platforms to help match borrowers and alternative lenders.

[redsonning] 17/3/2016 11:15

8.75% doesn't sound much like good news to me! No wonder they want try to get out of it as soon as possible. Desperate stuff!

[bluemango] 17/3/2016 08:09

The 10% was a tax credit, for higher rate taxpayers to deduct from tax payable. So the net amount received by basic rate taxpayers should be unchanged.

Good news that the company has restructured its debt facility on better terms.

[cheshire2] 17/3/2016 08:04

RNS Number : 3460S

GLI Finance Limited

17 March 2016

17 March 2016

GLI Finance Limited

New Credit Facility

The Board of Directors is pleased to confirm, as announced on 16 February 2016, that it has repaid the existing GBP30m Sancus loan facility and has entered into a new loan for GBP14.86m with a term of 1 year at a reduced interest rate of 8.75% (previously 11%). It is the intention of the Directors to refinance this new loan prior to maturity.

[cheshire2] 17/3/2016 01:47

From april the 10% tax on dividends deducted at source will be no more as we are all being allowed £5000 a year tax free. I don't know if the company factored that into the 2.5p divi per year they said they would be paying or if we will now get slightly more ??? So i understand that £5000 does not include any divi form shares held in you isa !!!

[garycook] 13/3/2016 04:29

Need to pray then.Still the 8% Dividend yield is very welcome while we wait !!!

[boadicea] 12/3/2016 10:24

GARYCOOK - "... Why?.." - Possibly fear of further write-downs although the recent rns referred to "full provision". I think it all boils down to a question of trust. When (or if) that is restored the discount could reduce. However, many of the valuations are a wet finger in the air with no current market price to give legitimacy.

[garycook] 12/3/2016 04:34

What is going on here.NAV is around 43p,so why are we trading at a 30% discount to NAV ?

[cheshire2] 25/2/2016 13:55

RNS Number : 1749Q

GLI Finance Limited

25 February 2016

25(th) February 2016

GLI Finance Limited

("GLI" or the "Company")

Result of Extraordinary General Meeting

The Company is pleased to announce that at the Extraordinary General Meeting ("EGM") held at 10:00 a.m. today, 25(th) February 2016, each of the resolutions was duly passed without amendment

[cerrito] 24/2/2016 23:43

As a GLIF but not GLAF holder, I was interested to read yesterday’s RNS from GLAF

Three things:
One is that they expressed disappointment that they raised only £12.4m in cash in the IPO. I have to say I thought that was rather good but if it was deemed a failure may have been another nail in the coffin of Geoff Miller.
The second was that the chairman of GLAF was encouraging actual and potential shareholders to make contact-something we have not seen in GLIF historically.

The third was the low loan impairments which says something about GLIF’s credit skills-although of course early days. This is what they said quote Loan impairments within the Company are running at extremely low levels; as at 31 December 2015 loans in default stood at 1.27%. Given the high level of security on these loans, the current estimated recovery rate is 100% and therefore no loss provisioning has been necessary. unquote

[coolen] 16/2/2016 21:24

Hi Boadicea,

Agreed: "Unrelated, to whom or what?".

[boadicea] 16/2/2016 16:40

coolen - There is much here (now mainly history one hopes) not to be happy about.

The whole para you quote from reads-
"The Company invested in loans to certain unrelated parties. As part of this review the Company has made a full provision of £5.47 million against certain of these loans, and is focusing on recovery. Going forward no such future lending will be made by the Company. As a result of these write downs, and the thorough review of the carrying value of platforms, the NAV as at 31st December 2015 has been reduced by 9.49p to 42.81p per share (30th September 52.30p per share)."

So this has clearly made a serious dent in the assets and may be a significant factor to add to the ZDP share issue fiasco in explaining the sudden and unceremonious departure of the then CEO.

The mention is of "full provision" followed by a reference to "focusing on recovery", hinting that it may possibly be an over-provision. However, the glass-half-empty side of me then thinks 'legal bills'!

Yes, one would like to know more detail, but there may be boardroom reluctance to wash soiled linen in public. How 'unrelated' were the loans one wonders, and unrelated to whom or what? I take it to mean that the company had no legal relationship to the borrower prior to the loan and, afterwards, beyond the loan agreement itself.

However, I do accept that it relates to past decisions with consequences now to be resolved as neatly as possible and I am encouraged by the initial market response to a straight-talking RNS.

[coolen] 16/2/2016 15:09

"The Company invested in loans to certain unrelated parties. The Company has made a full provision of £5.47 million against certain of these loans".

Are we happy about the circumstances ?

[cheshire2] 16/2/2016 14:03

I have spoken with louise beaumont a couple of times over the last few months putting shareholders/potential shareholders concerns to her which she said she was aware of as the do monitor message boards and they were going to issue an update in the near future when the review was completed. True to her word they have done

[future financier] 16/2/2016 10:11

Thanks Valhamos - I didn't recognise the name and it was not defined in the RNS document. I think I will leave my investment in GLIF just to see what happens but may take a somewhat larger stake in GLAF for the income.

[cerrito] 16/2/2016 09:51

I agree with the tone of the other comments- for me a very clear RNS addressing issues we have had in the last couple of years.
I and no doubt others look forward to successful execution and seeing the colour of Andy Whelan's eyes

[valhamos] 16/2/2016 09:29

Future Financier

"Also can somebody tell me what BMS is?"

Have a look at:

[boadicea] 16/2/2016 09:12

The advfn version of the rns is incomplete and the omitted part is of some importance. Full version here -


This is a really excellent statement of objectives and general intent which addresses exactly the points made by various contributors to this thread over past months.

There is room for a 50% appreciation towards a realistic asset valuation (imv) over a modest period of time as the board shows it has got a firm grasp of implementing the stated strategy.

[future financier] 16/2/2016 08:54

Really interesting stuff - confirming what many of us had feared about the "old" management and the mess of interests they left behind. Still somewhat in the dark about Sancus and would be far happier if everything was within GLI - what proportion is outside? Also can somebody tell me what BMS is?

So with NAV (subjectively assessed admittedly - but at least assessed with an attempt at objectivity unlike in the past) of say 45p and divi of 2.5p I reckon that price of 35 - 40p is justifiable until such time as it becomes clearer whether the investee platforms are stars or duds. It is encouraging that they have written down some investments and ceased funding another - no longer throwing good money after bad?

[garycook] 16/2/2016 08:41

Just topped up.Think we have seen the bottom at 27.50.

[valhamos] 16/2/2016 08:07

Interesting in the light of recent comment on this board about lending through the platform compared with lending to the platforms. The change to the latter puts a different complexion on GLIF for me such that for further investment GLAF rather than GLIF would be preferable. But I think the drive for simplification is to be welcomed.