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
  -0.125p -0.61% 20.375p 19.75p 21.00p 20.375p 20.375p 20.375p 130,101.00 07:45:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 12.0 -16.5 -6.5 - 62.95

Gli Finance Share Discussion Threads

Showing 2476 to 2500 of 2500 messages
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DateSubjectAuthorDiscuss
22/4/2017
07:47
I think of GLIF as a hybrid VCT - and facing a number of similar challenges. In particular, how do you balance the need to provide further cash to early stage companies which will take time to produce returns with the desire to provide consistent dividend payments to shareholders, in addition to servicing all ongoing operational costs and expenses? Not easy. Unless something quite unexpected happens this calendar year (i.e. a profitable disposal) the Fintech Ventures part of the business will continue to be a cash drag, although the scale of investment by GLIF has been pared back. The Sancus BMS business is growing, but it is not currently throwing off enough cash to support an ongoing dividend after all other mouths have been fed. It also needs to turn around the Sancus Finance part of the business, which is loss making and not expected to reach break even until 2018. There is a lot more detail about all this in the AR and also in the recent Liberum note, for those who can access it. If you take the Liberum projections, they anticipate no further dividend payment this year and dividends resuming in 2018 as the Sancus BMS loan book increases and Sancus Finance and Funding Knight cease to be a cash drag.
james188
22/4/2017
05:46
Confirmation of the new Dividend Policy The Group will be paying its next interim dividend of 0.625p for the fourth quarter of 2016 on 21 April 2017. The Board announced the Group's new dividend policy in its strategic update in August 2016. This recognises the need to balance dividend payments in the short term with the opportunities to grow the business for shareholders in the longer term. As such the Group's policy is to make dividend payments which are consistent with prudent capital and liquidity management, covered by cash earnings or realised profits on the sale of investments. Any dividend will be affordable. GLI is committed to a providing a stable progressive platform for future growth. In future, dividend payments will be made half yearly, September (interim dividend) and March (final dividend), with a weighting in payment of approximately one third/two thirds.So by this statement dated 13/03/2017 there should be another dividend in September,if it is covered by cash earning,s/or realised profit,s ?
garycook
21/4/2017
20:08
I am expecting it to be the only divi that will be paid during this calendar year. The next 12 months are critical for the company and will show whether the fundamental (and in my view necessary)restructuring has paid off.
james188
21/4/2017
19:54
divi arrived in account, pending re-investment
neilyb675
31/3/2017
07:10
You can make a case that more clipped bullet points at the start would have made for an easier read, but you only have to get to page 3 of the AR to read that the group had an operating loss before exceptionals of £1 million for the year. That is compared to the 2015 figure (on a restated basis) and there is a helpful cross-reference to page 21 (Financial review) that explains how those figures are arrived at. You don't have to get as far as the Financial Statements/notes to work out what is going on. I am not suggesting that the AR is a particularly easy read, but nor do I think that the hard facts have been buried.
james188
30/3/2017
22:08
I have nothing against very long reports following a 1 page summary of key issues, which is the norm. When very long reports are done, without a summary of key numbers, the effect is sometimes, the opposite of transparency, most private investors are not company analysts. If it helps the first things I look for are sequential revenue, sequential ebitda(helpful), sequential cash in the bank. My take home message, after wading through pages and pages of words(not numbers), fwiw, is that GLIF is a company managing assets that has operating costs of greater than the net asset revenues? Please correct me if I am wrong.dyor, imho.
timanglin
30/3/2017
18:51
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.
james188
30/3/2017
18:32
Well if you spend over 75 percent of your gross revenue on operating costs then you get a ?40 page report. Dyor.
timanglin
27/3/2017
07:30
Suspect the fact GLIF's Consolidated Financial Statements have just come out in 40 parts says a lot!
spectoacc
14/3/2017
08:40
PB now Sancus Finance Limited.
james188
14/3/2017
08:11
Can somebody remind me - what is Platform Black now called - it does not appear to exist as a separate entity on the internet!
future financier
13/3/2017
23:09
I suspect that GLIF is always going to be a complex business to analyse, despite clear efforts to improve the quality of information and to reduce the number of reporting lines. I am hoping that there will be more detail provided in the AR as to the breakdown of the loan book and its composition (loan maturities, average interest rates, geographic split, impairment levels etc),plus the split between the aggregate loans under management and the participations by the GLIF group, plus the splits between the loans within Sancus BMS,FinTech Ventures and those held by head office. That would make it easier to reconcile the growth figures in the update with the detail provided in the June 2016 interims.
james188
13/3/2017
21:43
As always takes time to make sense of a GLIF Trading update-though it is much easier now than in the past. As per below for me more questions than answers; very slight fall in share price makes intuitive sense for me and am in no ood to add or sell till I have understood the full year figures, which may take some time. Given that Group loans to SME’s at 6.16 were approx. £36m and at 12.15 £52m do not understand comment quote Combined loan book growth ( Sancus BMS)for the year was a creditable 33%, reaching £151m for the first time unquote Pleased to see that of the Pillar 2 Fintech holdings there was post FX a small book gain in H2 16. Platform Black seems to be taking time to sort out; remember its operating loss pre finance was £0.7m in H1 16 and today we are told it lost £1.5m for the whole year but we will have to wait till the Finals to know if that was pre or post financing costs The way I read the statement quote The aggregate loan books of the platforms grew by 94% to reach £141m. unquote suggests that the 12 platforms have on average £12m loan book, which seems odd.
cerrito
13/3/2017
16:28
Sancus makes £2.5m. Platform Black makes a loss of £1.6m and won't break even on a monthly basis until Christmas. Funding Knight lost £0.5m in 6 months and there is no statement on breakeven. 10 out of 12 of the other platforms are losing money. There are still central costs of £1.5m. There are loans outstanding of £32m costing £1.9m a year to service. Why are they paying a dividend?
makinbuks
13/3/2017
09:24
Some encouraging stuff in there. Given that the main profit driver is now seen to be Sancus BMS, it's a pleasant surprise to see two of the fintech platforms now reaching break-even. Overall, this has the basis of a much more solid and profitable business going forwards, after much commendable work by Andy Whelan and his management team. As to value, that's for the market to judge but all other things being equal and despite the more cautious dividend policy in the short term, I would expect the recent share price lows to soon be behind us.
bluemango
13/3/2017
09:22
I am looking at this as a potential recovery play. Previous NAV figures included a load of goodwill which has been written down. There may be more write downs to come. I think the best way to value it will be when we know what dividend they going forward. It is obvious that the previous dividend policy was in sustainable. The interim dividend for Sep will be 1/3 of full year so multiply the interim DPS by 60 and you have a yield of 5% and that will probably be fair value.
rec0very stock
13/3/2017
09:18
Fintech companies are a pure punt - so take Pillar 1 at NAV then the rest is hope value which could be nil (possible but unlikely) or could be several times current valuations if they really take off. There will be some consolidation of all of the various platforms (not just GLi platforms) at some time in the next three years and hopefully the resources of GLI (including its listed paper) will enable at least one of its platforms to be the centre of the consolidation rather than the weak target. That scenario could see Pillar 2 becoming the key driver of value in the long term. Current share price is fully supported by Pillar 1 NAV - (the precise figure will be revealed in the accounts) - so I see little downside - particularly as new management have proven that they are quick to act to sort out problems. So if any of the Pillar 2 assets look like becoming liabilities they will be cut adrift pdq. Don't bet your pension fund on it - but a good punt at current price. imho dyor etc!!!
future financier
13/3/2017
09:11
The last NAV was 37p,await final audited results 27/03/2017.
garycook
13/3/2017
08:55
Anyone have any idea how to value this company?
tiswas
13/3/2017
07:26
Trading Update GLI Finance Limited, a leading investor in the alternative finance sector, is pleased to provide an update on its trading for the financial year ended 31 December 2016, ahead of the announcement of its audited annual results to be published on 27 March 2017. Financial information quoted below is subject to the completion of the 2016 audit. Completion of the Strategic Review The strategic review that commenced at the beginning of 2016 has been completed, delivering the following outcomes: · we have simplified the business into two business units, namely Sancus BMS and FinTech Ventures; · Sancus BMS has brought together the alternative lenders operated by the Group, being Sancus, BMS Finance and Sancus Finance; · we have completed our review of the goodwill arising on the acquisition of operating subsidiaries and of the valuations of platform investments; · funding at a Group level has been improved with the repayment of the maturing syndicated loan today. This repayment reduced the Group debt balance to £32.0m with a weighted average cost of 6.0% (7.6% in 2016). The Group's next debt maturity is not until 5 December 2019 when the Group's zero dividend preference shares mature; and · conflicts of interests have significantly reduced. Group Structure In our half year report we introduced our "3 Pillar" structure. Since the half year, with the sale of the Group's shares in The SME Loan Fund plc ("SMEF") and the changed role of Amberton Asset Management Limited ("AAM") (both announced on 8 March 2017), we consider that a structure of 2 pillars or business units is a more efficient way of managing the Group and is more readily understood by investors. From a Group perspective, AAM's primary focus has become the raising of funding for Sancus BMS's lending operations, through securitization vehicles. AAM is therefore included in Pillar 1. In summary: Pillar 1, Sancus BMS is a profitable cash generative business with the potential to earn a high return on equity. Pillar 2, FinTech Ventures, comprises the Group's portfolio of investments in innovative FinTech lending platforms (now numbering 12) from which the Group expects future capital profits on sale. These investments also include Funding Knight, a subsidiary since mid-year, the results of which are therefore consolidated. Sale of Investment in SMEF At year end, the Group's investment in SMEF of 25.3m shares (comprising 47.99%% of the fund) was valued at £23.6m at a mid-price of 93.5p. On 8 March 2017, the Group announced that it had sold this investment for £22.7m and that the proceeds were used to repay the Syndicated Loan (£14.9m) (due 15 March 2017), to purchase £5.3m of performing loans from SMEF which no longer fit their revised investment strategy and to invest the remaining balance in Sancus BMS. This will further simplify the Pillar 1 balance sheet, and provide an overall improvement in annualised profit. Group results for the year ended 31 December 2016 The key features of our financial results for the year have been: · continued growth in the profitability of Sancus BMS; · the consolidation of the operating losses, for the first time, of Sancus Finance (formerly Platform Black) and Funding Knight; · in the second half of the year, negative fair value adjustments to the goodwill of two subsidiaries, Sancus Finance and Platform Black (of £4.1m) and an insignificant net fair value adjustment to FinTech Ventures' platforms; and · achieving the £1m recurring expense savings target. Performance of Sancus BMS The pre-tax profit target for 2016 of approximately £2.5m as stated in our RNS dated 30 June 2016 was exceeded, excluding the consolidated loss of Sancus Finance. Combined loan book growth for the year was a creditable 33%, reaching £151m for the first time. We continue to attract institutional and high net worth co-funders who support loan origination through our syndicated process. A key part of the Sancus BMS strategy is to continue expanding our quality co-funder client base, as this is an important factor underpinning loan book growth. Platform Black was rebranded Sancus Finance in January 2017 and is trading in line with management's expectations, albeit the company, as it continues its development, lost approximately £1.5m in 2016. The business has been put through a strategic overhaul and is now positioned to break even on a monthly basis by the end of 2017. Performance of FinTech Ventures In the first half of 2016, the number of platforms in the Pillar 2 portfolio was reduced and write downs of £7.5m were recognised. In the second half relatively small valuation adjustments were made amounting to £1m, which, after a gain on foreign currency translation, resulted in a small net unrealised gain. These figures remain subject to the completion of our annual audit process. It has been pleasing to note the additional third party funding which a number of platforms have been able to attract this year. This demonstrates growing confidence in their business models and has contributed to increases in their loan books. Two platforms have now reached break-even point. The aggregate loan books of the platforms grew by 94% to reach £141m. Platform management teams remain positive about the future. Funding Knight is also in the process of a strategic review to position it for future profitability. An operating loss of approximately £0.5m has been recognised in the period since Funding Knight became a subsidiary. Group costs As noted above, our recurring cost savings target of approximately £1m was achieved in 2016, bringing the expected annual costs of running the GLI parent company to approximately £1.5m. Non-recurring costs of £1.9m (including legal, professional and other project related costs) were expended as part of executing the restructure of the Group. Confirmation of the new Dividend Policy The Group will be paying its next interim dividend of 0.625p for the fourth quarter of 2016 on 21 April 2017. The Board announced the Group's new dividend policy in its strategic update in August 2016. This recognises the need to balance dividend payments in the short term with the opportunities to grow the business for shareholders in the longer term. As such the Group's policy is to make dividend payments which are consistent with prudent capital and liquidity management, covered by cash earnings or realised profits on the sale of investments. Any dividend will be affordable. GLI is committed to a providing a stable progressive platform for future growth. In future, dividend payments will be made half yearly, September (interim dividend) and March (final dividend), with a weighting in payment of approximately one third/two thirds. Conflicts of Interests Potential conflicts of interest have been reduced in the second half as follows: · the purchase of 14% of the shares in Sancus IOM Holdings Limited from directors of Sancus BMS Group, announced on 6 February 2017; and · the sale of the Group's investment in SMEF (see above) has reduced any perceived conflict between SMEF, GLI and AAM (in which GLI is a 50% shareholder) as sub-advisor of this fund. Outlook for 2017 The critically important strategic changes we undertook in 2016 are behind us. We have created a solid platform from which we can grow financial performance. Sancus BMS expects loan demand to continue to be strong on attractive terms. An expanding and loyal institutional and high net worth co-funder base, together with a series of asset backed notes to be arranged by AAM during the year, will contribute to the funding of this growth. We expect the majority of platforms within FinTech Ventures to accelerate their growth trajectories in 2017 and look forward to seeing significant developments this year.
skinny
08/3/2017
13:06
Mmmmmmm, nice✔
neilyb675
08/3/2017
09:26
Quarter million buy just reported, somebody likes this morning's news.
bluemango
08/3/2017
08:49
The loan purchase from SMEF is a little odd - c.£5.2m of loans bought by GLIF from SMEF, which "don't fit" with SQN's strategy for SMEF. On the plus side, it says they're performing, and c.12% yield on them. On the negative side, hard not to get the impression that SQN said "you take these or we're off". It wasn't part of the original agreement in the RNS of 21st Feb. Also, SMEF placing at 90p "heavily over-subscribed" - in which case, it's disappointing GLIF won't receive more than the 90p a share, particularly with SMEF's NAV at nearer 99p. But overall, as commented above, it removes the refinancing risk. No holding in GLIF here.
spectoacc
08/3/2017
07:18
Good to get the short term financing risk sorted.
pejaten
24/2/2017
19:34
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
cerrito
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