Share Name Share Symbol Market Type Share ISIN Share Description
Gli Finance LSE:GLIF London Ordinary Share GB00B0CL3P62 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.125p -6.57% 16.00p 15.75p 16.25p 17.125p 15.875p 17.125p 332,022 15:36:50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 12.0 -16.5 -6.5 - 49.44

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Date Time Title Posts
26/5/201707:55GLI Finance - SME Finance leading player573
19/10/201509:28Greenwich Loan Income Fund1,924
01/6/201507:15Greenwich Loan2

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Gli Finance Daily Update: Gli Finance is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker GLIF. The last closing price for Gli Finance was 17.13p.
Gli Finance has a 4 week average price of 15.88p and a 12 week average price of 15.88p.
The 1 year high share price is 31.88p while the 1 year low share price is currently 15.88p.
There are currently 308,980,523 shares in issue and the average daily traded volume is 146,899 shares. The market capitalisation of Gli Finance is £49,436,883.68.
james188: In my view quite correctly, a number of investors in GLIF have been pushing for further disclosure in relation to what is a complex business that is undergoing significant restructuring. The company has also recognised the need to do that to restore confidence after the material problems in 2015 that have since surfaced and have had to be addressed, with painful consequences for shareholders. I would not want the company to reverse that trend. Ditto the information provided by the Liberum note published this week, although that has clearly knocked the share price. Transparency is essential.
cerrito: Been a bit late on catching up with the SMEF situation. Given the need to sort out the Sancus loan big picture it makes sense and hence logical that the share price has gone up a bit. There is time pressure if it is going to be done by the 15 March loan maturity given need to change asset manager and arrange the sale and I see since the announcement SMEF's share price has fallen to 89.5. I assume the Sancus loan would have to be extended even if this deal were to go through.. I see that in H1 16 Glif@s 50% owned asset management company-Amberton- had a £149k loss so the loss of the mandate will not be the end of the world- at the end of 2015 I seem to remember Edison were forecasting huge management fees from GLAF as it then was. I need to work out how much of a loss it will be for GLIF not to have SMEF as a stuffee for their loans. If I have time to do more catching up may buy some more
gbill11: If they raised £7.1M at 31p on 11 August why are the shares now at 19p? I cannot see any reason for this. I checked the SMERSH (aka SMEF) share price to see if it had also collapsed but in fact its up 3% over the same time period. Hard to fathom this stock but I've bought some today. An initial holding only. I'll need to get a better feel for the company before accumulating a sizeable holding.
james188: I also suspect that the dividend payable next year will be around half the current level. I think that the share price is at the current depressed level due to a number of factors. First, whilst I happen to think that the current management team that has been in charge (and supplemented)this year is doing a good job, it will inevitably take time for confidence to be regained, given the various issues that have come to light compared to the picture that the company was presenting as recently as October 2015 - a sore point for me and no doubt others. Secondly, the share trades very thinly. I suspect that a significant chunk of the PI base has departed - and many of them were in it for the high yield, so dividend reductions have not been well received. In contrast,as I have previously noted, Somerston have continued to stake build. Finally, although efforts are being made to simplify the company, it is still quite complex. Getting to grips with the current state of affairs is not easy and I am sure that that factor alone has put some investors off. This is very much a work in progress, but there are signs that better times lie ahead.
bluemango: Some comment on Altfi News: hTTp:// Whelan acknowledges that the past 6 months have been something of a “clean up” phase, but is pleased with progress. He said that the company’s balance sheet has been “significantly strengthened”. Nonetheless, the company’s Net Asset Value "NAV" per share fell from 42.73p to 37.07p across H1 2016. “I find it depressing where the share price is,” said Whelan, adding that he sees it catching up soon. “We are executing as quickly as possible within the confines and restraints of a listed business,” he continued. “I can’t say I’m pleased because the share price isn’t where it should be, but I will be when it is”.
bluemango: Sensible to move towards a policy of dividends covered by earnings, and encouraging to see a Placing at a good premium to share price. Andy Whelan still making the right (if sometimes tough) decisions to set the company on a good growth trajectory.
bluemango: Yes, current yield is 8.06% based on 31p offer price. For comparison, if the share price reflected the NAV of 42.42p as published a couple of days ago, the yield would be 5.89%. It is CEO Andrew Whelan's aim, as stated in the recent interviews, to see the yield reduced by having a higher share price and maintaining the dividend at current 2.5p, with the longer term aim of increasing the dividend back up towards the former level. Can't see a divi increase happening anytime soon though and personally I'll be quite happy to see it maintained at this for the foreseeable future.
redsonning: Anyone who thinks this yield can continue is deluding themselves. Even if the business model is sustainable the institutional support will not want to see this ridiculous situation continue. If one supports the business model then one does not wish to see the company put under so much strain that it has to keep paying out vastly more cash than is coming in. The present structure is depressing the share price and must be concerning to both the management and the institutional holders. Only by a substantial dividend cut can this absurd situation be stabilised. When that eventually happens the share price has a chance of stabilising. But you cannot have a stable share price together with this dividend - the numbers don't compute.
redsonning: My personal view is as follows - others should make up their own minds: The share price has been falling because of perceived risks, both with the business (lending money to parties which might not repay) and the dividend (which is huge in relation to the present underlying earnings). Quoting the present NAV only serves to muddy the analysis in such a situation. If problems emerge with the business (because of the loan portfolio) it will impact the NAV. The dividend already impacts the NAV every time it is paid out. There is no point in blaming other investors for selling, when it becomes clear to them that the risks are significant. No one is saying that the company is going bust - it is simply a case of adjustment of price to the underlying risks and parameters. I do not agree that this is an unexpected shift. The very fact that the business is so stretched in each direction means that it will become difficult to hold the parameters in place. The share price will (for the time being) reach some point where it roughly balances the perceived risks with enough potential gain if things are held together for the future. But if things are not held together the share price will come under further pressure. In these situations one cannot rely on an estimated NAV to hold back the tide, since (if things start to go wrong) the NAV will come under further downward pressure. The market price is saying that the risks are now perceived as large in relation to the underlying assets - that is why a theoretical discount to NAV has grown. If this were a such a good buy as some are arguing, then there would be buyers and the price would have stabilised at some higher level. This has not happened - the market is saying something very clear, and it's time for all investors to take in that market information and not delude themselves about the underlying risks.
kenny: Some comments on recent developments at GLIF: 1. BMS is expected to accumulate net earnings of £1.3m in each of 2014 and 2015; this projection has recently been reduced by Edison from its previous estimate of £1.6m for each of those years. Both figures represent GLIF's share of earnings. I do not know if the £1.3m is inclusive of the 8% coupon on the £11.6m of loan stock issued to GLIF on the takeover of BMS's historic loan book. In either event, the purchase of BMS is looking like another good deal by the CEO, Mr G. Miller; within 18 months of purchase. I think I have stated before that his ability to secure these enhancing deals is really quite impressive. In summary, for a total investment of £11.6m, GLIF is "earning" more than 10% per annum (and it is early days) - so BMS is more than contributing to GLIF's ability to increase its dividends. The real kicker in this investment is that even if BMS's earning fall back, GLIF still has the hard assets it acquired for its investment and which are more or less equal to its investment of £11.6m. 2. Sterling had improved in this quarter and assuming the current exchange rate is the rate prevailing at 31.03.14, then this should add about 0.4p to NAV. 3. At the current share price of 59.5p to buy and because it appears the increase in dividends from 5p per annum to 5.25p for 2014 is already tacitly acknowledged by GLIF albeit not yet confirmed, the shares are trading at a current yield of 8.8%. This is the safest high yield I can find on a sterling denominated investment. Also, the projected increase by 5% per annum (for example, to 5.5p for 2015 is projected by Edison) is even higher for a long term dividend investor like myself. Edison has indicated in their note of 21.02.14 that GLIF is becoming a SME financer and this now seems an indisputable fact. Therefore, I believe it is appropriate to take account of capital gains GLIF is accruing, in BMS for example via warrants it obtains when granting loans, in looking to determine whether its dividends are fully covered by earnings. Taking account of all "earnings" the 5.25p for 2014 and 5.5p for 2015 are both covered, albeit Edison has highlighted some concern that, in the short term, GLIF's dividends may be uncovered because CLO loans are repaying faster that GLIF can reinvest in suitable opportunities. Also, note that Edison's projections will likely turn out to be slightly lower - effected by Mr Miller earning a bonus for 2014, at least, which is not taken into account in their projections; this through a combination of the growth in share price and dividends delivered to shareholders. I do not resent his bonus because he is delivering and also taking half his bonus in shares - acquired by the company on market and not through issue. 4. The Board has confirmed that GLIF is to be split into two quoted companies – what might be loosely called the CLO investor and the peer2peer investor. Clearly, there is a lot of excitement building about what returns the peer2peer company might earn, as and when even a single one of its investments is of sufficient size to float or be sold via a trade sale e.g. a combination or takeover with another peer2peer company. The Board of Directors has confirmed that when split into two listed companies; the dividends in total will be no less than currently paid or, indeed, projected. Personally, I hope that management of the CLO company, which hopefully will still have Mr Miller on the board and ideally as CEO of both companies, will pursue an expansion policy. I think there are still good returns to be earned from CLO equity tranche investments. CLO equity investments are not well understood and there seem to be few companies investing in them. GLIF only have about $5m invested in third party CLO equity but have stated those investments have earned 45% within two years of purchase and continue to produce very high yield. However, I hope they will consider raising money for the CLO company, for example, through issuing preference shares or bonds. They could issue preference shares with a coupon of say, 6% or 6.5% and still earn a very decent net return for ordinary shareholders. For example, Oxford Lane Capital Corp. in the US – NASDAQ:OXLC – has been very successful as a pure CLO equity tranche investor through the issue of a series of bonds, providing its shareholders with a high yield. This should be sustainable as interest rates rise because the underlying loans are made on a base rate plus margin basis. My comments (or should that be ramblings?) have turned out to be longer than I imagined when I started writing. I guess I am getting a bit over excited about the long term potential of GLIF – not just the high growth peer2peer company – but the core historic portfolio. We have to face the reality that not all of GLIF's investments in peer2peer companies will likely succeed. However, a short few years ago, I started accumulating shares in a solid and predictable dividend high-yielder with few prospects of increasing its high dividends. Now GLIF has the potential (through the management of Mr Miller, I suggest) to deliver not only a solid and growing dividend but also growth somewhat akin to a technology company, albeit with the safety margin of hard assets that most small technology companies lack. As always, do your own research and do not invest in any company based solely upon anything you read on a bulletin board!! Because of the recent tip in Investors Chronicle, GLIF's share price is likely to be volatile on the basis that it may have attracted a lot of holders looking to make a quick profit and move on. Nothing wrong with that but, personally, I do not view GLIF as suitable for a short term investor because the growth, while it might occur at a rapid rate, will not bear fruit overnight - while the volatility is guaranteed because of the IC tip. My objective is income now and in retirement with any "yield" from capital appreciation being harvested so far in my future, hopefully, as to be wholly unpredictable. I don't wish to sell any shares in my portfolio for a short term gain because, as I have proved to myself many times in the past, I am not smart enough to predict that I can buy them back at a lower level or find an alternative investment with a comparable yield/prospects.
Gli Finance share price data is direct from the London Stock Exchange
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