Gli Finance Share Discussion Threads

[cheshire2] 13/4/2018 14:17

RNS Number : 8975K

GLI Finance Limited

13 April 2018

13 April 2018

GLI Finance Limited

("the Company")

Annual Report and Accounts for the year ended 31 December

2017 & Notice of Annual General Meeting

GLI Finance Limited, a leading investor in the alternative finance sector, announces that the Annual Report and Accounts for the year ended 31 December 2017, together with the notice of annual general meeting ("AGM"), have today been sent to shareholders.

The AGM will be held at Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 1GR on 11 May 2018 at 10:30a.m.

Copies of the Notice of AGM and the Annual Report are available from the Company on request, or on its website

[makinbuks] 29/3/2018 14:12

Yes finally emerging with what looks like a decent, expanding Sancus business may be the end game here

[my retirement fund] 26/3/2018 12:10

Well they are delaying as Kenny just pointed out the Fintech investments problem.

I think if you read between the lines they have simply stalled doing the inevitable and writing it off.

However you can see they will have to declare the loss correctly and I think this set of results is all about preparing the ground for that eventuality.

[kenny] 26/3/2018 11:58

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.

[pejaten] 26/3/2018 11:08

Please point to where it says more write offs ahead? Does not mention it at all.

[my retirement fund] 26/3/2018 10:51

Results out. Looks like more writedowns ahead

[makinbuks] 20/3/2018 21:53

Latest SSIF half year report trumpets the move away from these platforms and Amberton will lose joint manager status in the coming months. The platforms need more volume to achieve critical mass not investors pulling out in a flight to quality

[pejaten] 12/3/2018 20:49

The issue is surely all the stupid platforms rather than the Sancus business?

[1hippo] 10/3/2018 13:29

It's a flawed business model cost of capital way to high , requires a perfect lending book with no defaults ,unsustainable given their track record

[pejaten] 29/1/2018 21:46

Presumably because it is similar to the other loans whereby GLiF take a first loss position in return for significant cut, with the balance of the return from loan portfolio flowing through to the lender?

[skinny] 29/1/2018 16:18

As ever :- Liberum Capital Hold 11.50 16.50 16.50 Reiterates

[makinbuks] 29/1/2018 15:29

I read on their website that Honeycomb target returns of 10%+ after accruals for default so its certainly not cheap

[makinbuks] 29/1/2018 15:14

Fenners, came on here to make that very same comment. Another complex and opaque transaction. No word of the cost or the fees or whether the costs of this deal are an improvement on the one they then repay back to back. must be beneficial if you understand this lot (ie you're on the inside) because this is presumably what drove the directors deals of a few days ago. Nice rise for holders

[irenekent] 29/1/2018 14:40

Maybe there's life in the old dog yet? One can always hope.

[fenners66] 29/1/2018 10:21

no mention of the cost of the new funding?

[makinbuks] 12/1/2018 17:18

Hmm seems to have stopped the slide

[venture traveller] 12/1/2018 10:17

Emma Stubbs bought 681,818 shares of the business’s stock in a transaction dated Thursday, December 21st. The stock was bought at an average cost of GBX 11 ($0.15) per share, for a total transaction of £74,999.98 ($100,280.76)

[cheshire2] 12/1/2018 07:56

Aaron Le Cornu - Chief Operating Officer buys 650,000 shares £53,625

[my retirement fund] 11/1/2018 13:08

Surely the zeros must be worth very little if anything at all ?

[makinbuks] 11/1/2018 13:01

They seem to have had lots of willing sellers as the price has dropped while they have built their stake. Anyone know what their background or motivation might be?

[bluemango] 10/1/2018 15:37

New investor; Philip J. Milton & Company declare 5.11% stake.

[1hippo] 10/1/2018 12:07

Crazy lending policies and high cost of funds not a great model at both ends . They could fix the lending perhaps but are still hampered by their cost of Capital. And then there's the MGT can only see downside from here

[guernseymoney] 10/1/2018 09:08

@johnjones4 - for sure. It's just the recklessness of it all that I find astonishing.