| Date | Subject |
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26/11/2020
07:48 | peterbill: hTTps://www.investegate.co.uk/gli-finance-limited--glif-/rns/proposed-refinancing/202011170700105509F/
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19/11/2020
15:50 | makinbuks: GLIF needs a lot of cleaning up until its basically Sancus which is in my view an attractive business capable of being grown and making a nice niche position. I don't own them so participating or not is not relevant but I'd be tempted to ignore it, and invest again once the clean up is complete. If I had a lot at stake I'd be concerned about dilution of course
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15/6/2020
15:34 | yieldsearch: distressed level pricing on GLIZ, implying either it will go pop or they will re/re/restructure it again.
If GLIZ is trading at distress level, clearly glif shareshould be down to zero
Owned glif long time ago when it was just the equity piece of a clo. The "strategic" investment in multitude of platform basically destroyed shareholder value. Sancus involvement probably delayed the inevitable.
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18/11/2019
08:40 | peterbill: hTTps://www.investegate.co.uk/gli-finance-limited--glif-/rns/results-of-class-meetings-and-egm/201911081510318565S/
Further to the Company's announcement of 21 October 2019 regarding the Proposals for the continuation of the ZDP Shares, the Company announces that all resolutions proposed at the class meeting of Ordinary Shareholders, the class meeting of ZDP Shareholders and the extraordinary general meeting held earlier today were duly passed.
The extension of the life of the ZDP Shares from 5 December 2019 to 5 December 2020 takes immediate effect. The increased rate of return on the ZDP Shares, from 5.5% to 8% on the issue price of the ZDP Shares, will take effect from 6 December 2019 in accordance with the New Articles. The final capital entitlement to which ZDP Shareholders will be entitled at the extended repayment date is therefore increased from 130.696 pence per ZDP Share to 141.152 pence per ZDP Share.
Capitalised terms used and not defined in this announcement have the meanings given in the Company's announcement of 21 October 2019.
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10/2/2019
13:37 | cerrito: fred187
ref your comment that they are bonus payments.
I have to say I found both the transactions and the RNS wording rather odd and I have just checked the LSE website and they say Friday share trading in GLIF was 764k ie less than the amount of shares referenced in the RNS.
That said as a matter of interest why do you think they were part of the bonus payment?
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04/10/2018
03:04 | garycook: Kenny,Thanks again for advising me to sell out of GLIF at 15p.Should have sold sooner in the 20,s.Also sold out of RAVP at 147p,for better growth stocks eg PSN,now yielding 10%.
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24/9/2018
07:35 | skinny: Interim results for the six months to 30 June 2018
HIGHLIGHTS
Group Highlights
· Group revenue increased by 26% to £7.2m (June 2017: £5.7m).
· Significant improvement in net operating profit to £1.1m (2017: loss of £0.5m) driven by strong revenue growth and continuing cost discipline.
· FinTech Ventures portfolio valued at £23.9m, (Dec 2017: £29.6m) following revaluation.
· Group Net Asset Value ("NAV") is £64.1m (Dec 2017: £74.8m).
· In accordance with the Group's stated policy of paying dividends out of net cash generation, no dividend will be declared for the period. The Group remains committed to recommence dividends as soon as practical.
· Post period end, £7m of cash received from the sale of BMS Irish assets which can be deployed within the Group and be used to acquire more ZDPs.
Sancus BMS Highlights
· Strong performance by the Sancus businesses.
· Revenue growth of 42%, excluding The SQN Secured Income Fund ("SSIF") dividends.
· Net operating profit up 193% to £1.9m (June 2017: £0.7m).
· 12% growth in managed loan book to £246m with actual loss rate of under 0.5% reflecting strong underwriting controls.
· The special purpose lending vehicle established in January 2018 with a £50m lending capacity, backed by a £45m credit facility with Honeycomb Investment Trust plc ("HIT") is proving a success. £22.9m had been drawn as at 30 June 2018.
· Improved performance by Sancus Finance and Sancus Funding (together to be referred to as "Sancus UK") with operating loss reduced by £0.3m to £0.5m. Sancus Finance performance was behind forecasts for the first half of the year but targeted break-even by the end of 2018. The regulated business will commence property backed lending before the end of the year.
· With Sancus Finance having performed below target for the period and being integrated with Sancus Funding into one Sancus UK business, goodwill of £2.1m relating to Sancus Finance has been written off.
FinTech Ventures Highlights
· The carrying value of FinTech Ventures portfolio is £23.9m (£29.6m at 31 December 2017).
· NAV per share for FinTech Ventures portfolio 8.6 pence (31 December 2017:10.0 pence).
· The write down in the period of £8.3m includes a £4.1m write down in one of our prioritised platforms. The platform is close to finalising a significant investment from third parties which will result in a painful dilution of our holding. Whilst clearly disappointing to take a large write down, this new investment will help to ensure and accelerate the long-term prospects of the platform.
· 29% increase in loan origination across the portfolio companies compared to prior year.
· Three platforms have successfully raised new equity from third parties during the period. Several of the others are looking to raise equity over the next twelve months and we have conservatively approached the valuation of those platforms with this in mind.
· Further investment of £2.2m made in four platform companies during the period, primarily in the form of convertible loan notes.
Andy Whelan, Chief Executive Officer commented:
"The Group has seen good progress during the first half of 2018, improving revenue, successfully securing a new funding line and reducing costs across the business.
We are pleased that Sancus BMS, the key operating unit within the Group, has delivered some strong results during the six-month period. The lending businesses that comprise Sancus BMS are strong, well managed, and have the ability to deliver a very attractive return on capital. We were delighted to have secured the £45m credit facility from HIT announced in January 2018 and this has helped us significantly grow the loan book. The new management team in the UK is making excellent progress in integrating the businesses, and delivering synergies. Whilst Sancus Finance's loan book has grown materially since last year, it has fallen short of where we had hoped it would be at this time.
We are very disappointed to have had to take a further material write down on the FinTech Ventures portfolio. Whilst FinTech as a sector continues to grow strongly, increased competition is making it increasingly difficult for smaller players, particularly those that are loss making, to raise further equity. Given the plethora of investment opportunities, investors are often able to negotiate favourable terms. With competing demands for our capital, we often haven't been able to follow our money, and this has resulted in situations where we have been significantly diluted. Several of our platforms are looking to raise equity over the next twelve months, and given our conservative approach to valuations, we believe there is upside potential if these raises are successful."
This announcement contains inside information for the purposes of EU Regulation 596/2014.
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26/3/2018
11:58 | kenny: Interesting that they have stopped giving NAV in their results.
I would compute “real” NAV at about 6.5p currently, as follows:
NAV per balance sheet £74.8m
Less:
Goodwill -£25m
Fintech investments -£29.5m
“Real” NAV £20.3m
Divided by 312m shares = 6.506p
For a loss making company, the goodwill should be written down to nil unless the loss is temporary.
The Fintech investments are loss making and, in my opinion, not worth anything. If banks are having difficulty in making profits because interest rate margins are too tight, what chance the Fintech companies with their expensive borrowings.
My current “real” NAV of 6.5p will, I believe, come to fruition in coming years because as those Fintech companies close, because they run out of money to finance their losses, GLIF will be forced to write down the investments and any related goodwill.
With no dividend, continuing losses and continuing reduction in NAV, I cannot see that GLIF has any attractions as an investment – even if the share price eventually moves down to 6.5p. All in my opinion so DYOR.
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05/9/2017
14:56 | speedsgh: JoA - The following is from the Aug 2016 strategic update...
Underwritten placing and strategic update - HTTPS://www.investegate.co.uk/gli-finance-limited--glif-/rns/underwritten-placing-and-strategic-update/201608090700116011G/
Update on dividend policy
The board of directors of the Company (the "Board" or the "Directors") announced in December 2015 that it was setting the dividend payable on the Company's ordinary shares at a level which would provide sufficient flexibility to ensure that the Company is able to support its rapidly growing platform assets and that it expected to pay a dividend of not less than 2.5p per annum on a quarterly basis.
The Board has resolved that the Company will maintain this policy up to and including the payment of a final dividend in respect of the 2016 financial year. However, GLI is a growing company with opportunities to invest and secure its position as a leading specialised FinTech lender. The Board considers that it is in the best long term interests of Shareholders that the FinTech platforms in which the Company remains invested, which are still in the early stages of development, should be allowed the time and the funding to develop their full potential. In light of this, the Board recognises that paying dividends in the short term should not compromise the opportunity to enhance shareholder value over time. Whilst the Company's objective is to continue the payment of dividends, from 2017, dividends will only be paid when fully covered by cash earnings (sustainable operating income plus returns from the periodic sales of investments) arising in any one financial year. This reflects a balance between ensuring that the Company has the resources to make the most of its opportunities to create longer term shareholder value and providing for the payment of a progressive dividend.
The Board recognises that this change in policy necessitates a change in the frequency of dividend payments, from quarterly to semi-annually (September (interim dividend) and March (final dividend)), with a weighting in payment towards the final dividend.
The Board will consider the quantum of the interim and final dividends as part of its half-year and year-end meetings respectively. This will allow adequate time for the assessment of cash earnings from GLI's operations (in particular the newly created Sancus BMS), and any asset sales.
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22/2/2017
11:00 | speedsgh: Last of the guaranteed dividend payments. Then the revised dividend policy kicks in...
Underwritten placing and strategic update (9/8/16) - HTTP://www.investegate.co.uk/gli-finance-limited/rns/underwritten-placing-and-strategic-update/201608090700116011G/
The board of directors of the Company (the "Board" or the "Directors") announced in December 2015 that it was setting the dividend payable on the Company's ordinary shares at a level which would provide sufficient flexibility to ensure that the Company is able to support its rapidly growing platform assets and that it expected to pay a dividend of not less than 2.5p per annum on a quarterly basis.
The Board has resolved that the Company will maintain this policy up to and including the payment of a final dividend in respect of the 2016 financial year. However, GLI is a growing company with opportunities to invest and secure its position as a leading specialised FinTech lender. The Board considers that it is in the best long term interests of Shareholders that the FinTech platforms in which the Company remains invested, which are still in the early stages of development, should be allowed the time and the funding to develop their full potential. In light of this, the Board recognises that paying dividends in the short term should not compromise the opportunity to enhance shareholder value over time. Whilst the Company's objective is to continue the payment of dividends, from 2017, dividends will only be paid when fully covered by cash earnings (sustainable operating income plus returns from the periodic sales of investments) arising in any one financial year. This reflects a balance between ensuring that the Company has the resources to make the most of its opportunities to create longer term shareholder value and providing for the payment of a progressive dividend.
The Board recognises that this change in policy necessitates a change in the frequency of dividend payments, from quarterly to semi-annually (September (interim dividend) and March (final dividend)), with a weighting in payment towards the final dividend.
The Board will consider the quantum of the interim and final dividends as part of its half-year and year-end meetings respectively. This will allow adequate time for the assessment of cash earnings from GLI's operations (in particular the newly created Sancus BMS), and any asset sales.
Half Year Report (26/9/16) - HTTP://www.investegate.co.uk/gli-finance-limited/rns/half-year-report/201609260700107803K/
The Company expects to continue to pay quarterly dividends amounting to 2.5p in respect of the current 2016 financial year. As stated in the August strategic update, dividends going forward will be sustainable and covered by the cash earnings of the business. Further guidance for 2017 dividends will be provided at the end of the year.
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PLUS1
