Gli Finance Share Discussion Threads

[hession] 18/1/2016 13:46

...and yet the damned share price keeps falling..!

[bluemango] 17/1/2016 14:27

Some interesting recent updates on Glif twitter feed.

Credit junction have pledged 100m USD in loan availability to a group of businesses in Houston, and Platform Black outperformed predictions for 2015 origination with a figure of £28m for the year. Encouraging figures also from Finding Knight when checking the performance table. All these are Glif platforms.

[bluemango] 17/1/2016 14:04

If they follow the usual timetable, it should be announced in next few days (last year's was on the 21st Jan) and the expected quarterly payment is 0.625p per share (equating to 2.5p annually) which is a still decent yield of 6.17% on the current offer price.

So yes, would expect ex div on Fri 29th Jan if they follow the established pattern.

[plasybryn] 17/1/2016 13:46

Am I right in think this goes ex dividend 29th January? Struggling to confirm the details. Know the dividend has been cut in half but I believe still around 7% at this share price

[mylands] 13/1/2016 08:52

Creeping back up. Only another 10p to go before I reach the level of my last purchase, but another 20p to go before I hit the top price I paid!!

[boadicea] 13/1/2016 08:52

Recent events may have invited interest from some shorters. Poking its head over 40p, somewhat against the odds, is probably a sign they should run for cover.

The recent management approach (up to the resignation/sacking) seems to have been a case of a finger in every pie in the altfi sector, which lacks focus - unless one wants it to become an investment trust. It would be very interesting to know the exact cause of the management bust-up. I suspect that could have been part of the story.

Properly managed and focused, the upside from here could be quite considerable given the pace of growth in the sector.

[boadicea] 12/1/2016 16:24

bluemango - Whelan is in a very good position to know the risk factors and over £40k's worth in one bite is a bit more than just window dressing. It has presumably helped to produce the distinct improvement in tone seen over the past few days.

[bluemango] 07/1/2016 17:27

Good to see interim CEO Andy Whelan bringing his total holding up to 3.8 million.

[bluemango] 06/1/2016 16:22

Confirmation of the 15 million Placing shares now held by Somerston/Golf Investments.

Interesting to see Somerston already held 5.270 million shares (below the notifiable threshold) prior to the above transaction.

[bluemango] 04/1/2016 11:26

No change in the Artemis holding, just a reflection of the voting rights following the 15 million new Placing shares @ 37p effective on 31st Dec, issued to Somerston.

[future financier] 23/12/2015 08:57

Two very sensible posts - which I agree with entirely. It would have been nice to have baled out at the top of the market - but the (catastrophically stupid) Sancus deal is now being unwound and the company now has the capital structure to build on its plans for supporting the growth of its platforms, without the financing side-show of Sancus or an excessive dividend to worry about.

[james188] 23/12/2015 07:36

Very thoughtful post, Cerrito. You have probably seen the RNS also issued by the GLAF board on Tuesday, thanking Geoff Miller for his efforts. Quite a contrast.

I had assumed that the latest proposed ZDP issue (and further intended bond issue)had been pre-cleared and would be financially supported by the main institutional holders. Clearly not and it looks to me as if those holders lost patience and pushed for change. The Somerston deal would not have happened overnight. I think that Geoff tried to run too hard and too fast. This failed fund raising followed on from the pretty muted response when GLAF was launched and the share price has taken a hammering in the process.

I am going to reserve judgement until further detail of the new regime - and involvement of Somerston - is released. Just to say that I would not single out Emma Stubbs (CFO)in any review of management.I thought that she was a much needed hire to boost what was then a very light executive team.I do not know her very well, but my impression is that she is working hard and doing a good job.I think that the financing strategy was very much driven by Geoff - but it was unanimously endorsed at the time by the board.

[cerrito] 22/12/2015 21:34

All very brutal with no acknowledgement of what Miller had done and I would have been happier if such an announcement had been signed off by the Chairman.
It is moments like this that I look to see who else is on the Board and there are three non execs including the Chairman who has been in post quite a few years. One wonders what the non execs did in all of this. As stated in 213 by bluemango good to see largest shareholder is on board. One asks oneself if there is to be a clean out of top management including the CFO-I have no idea if she is good or not. I assume Somerston was one of the investors that Sancus did business with in its pre GLIF days
Given that I was not prepared to buy zeros and the need to sort out the Sancus debt I cannot grumble at the issuance of the 15m shares-true at a healthy discount to NAV but at least for me a NAV that is by the nature of the business difficult to validate. I can with some difficulty rationalise the warrants and I note if as and when they are all taken up Somerston would have 19% of the equity.Frankly what I find very difficult is Somerston getting 50% of the Asset management company in light of the importance Edison says the fees will have in paying GLIF’s dividend.
As Geoff Miller kept a fairly low profile I have no idea how good he is..from my very brief interaction with him he came across as serious and competent. His Achilles heel seems to have been the loan from Sancus which I have never understood and he seems to have misread his ability to raise more zeros to get the funding to pay off the loan.
Quite a lot to like about yesterday’s announcement ie that they are concentrating on building up with what they have rather than make new investments ; and as stated by Blluemango in 214 in good to have a clear and probably realistic dividend policy;
With hindsight sorry I did not sell out completely but glad that my holding much reduced; I am not looking to increase as I want to see the lie of the land. Be interesting to see if the new Management reach out to the retail shareholders-though I appreciate in the next month they will have a lot on their plate and someone will have to take Geoff Miller’s place as GLIF director in all their investee companies.

[droid] 22/12/2015 11:07

Here is an extract from a Xmas message just received from Funding Knight, one of GLIF's stable :

It's been another cracking year for crowdlending! Our industry has grown at 125% and provided around £1.2bn to businesses. FundingKnight's contribution has been around £20m, three times the amount we arranged in 2014. Thank you for playing your part in fuelling the growth of British businesses.

[bluemango] 22/12/2015 10:16

As well as a clear strategy for clearing the Sancus debt, good to see clarification on the dividend policy yesterday; the uncertainty over shareholder income was causing an almost impossible choice for some. Now we have the expected minimum 2.5p going forwards, still usefully paid quarterly, a 6.75% yield at today's offer price looks far more realistic and sustainable. Coupled with the strong prospect of capital growth from the platforms, the future here starts to look more encouraging.

[bluemango] 22/12/2015 09:56

Artemis, the main institutional shareholder, have increased their holding to over 11%, 23.620 million shares.

Encouraging that the transaction was yesterday, indicating they are supportive of yesterday's developments.

[future financier] 21/12/2015 11:55

ddr2 - I would settle for a 40% uplift over 18 months (plus divis)- but the potential value of platforms is stratospheric IF they make it big. When GLIF adopted the new strategy of investing in platforms I always knew that I was putting my money on a roulette wheel - at the moment it looks like I may lose (at least on an opportunity cost basis - I have already recovered my initial investment by way of dividends).

That's life.

[my retirement fund] 21/12/2015 11:53

FF but are they not connected parties?

[mad foetus] 21/12/2015 11:44

this rns doesn't seem to disclose how much the PUPPET MASTERS get for arranging all of this. Legal fees, placing fees, consulting fees, fees for the aborted project, all add up. What was proposed for the financing last month - was it £2m for the PUPPET MASTERS or are my brains made of STRAW?

[danieldruff2] 21/12/2015 11:31

This is beginning to remind me an awful lot of what happened to Brightside last year - an insurance group which ran short of cash, did a placing about a third off the recent price. Then eventually fell to a takeover from a newly formed company for the purpose. It wouldn't surprise me if Somerston or some other PE vehicle ended up owning this within the next 18 months - maybe for 50p a share?

[future financier] 21/12/2015 11:15

mrf - read the RNS - Somerston are buying 15m new shares @37p - so every bit as much at risk as other shareholders.

And they have clearly had the chance to do plenty of DD on GLIF.

[my retirement fund] 21/12/2015 10:58

FF no they have senior claim to the pot so they obviously should be ok. No one else would though would they.

[danieldruff2] 21/12/2015 10:52

Geoff Miller needs to update his twitter account - it still says he's CEO of GLI Finance.

What a balls up - risk has been increasing steadily ever since they ditched the CLO investments. Buying a wide range of tinpot stakes in tinpot companies never looked too clever at any stage. They tried investors patience once too often with requests for capital which has finally dried up.

Going forward I feel a lot depends on whether one genuinely believes the various platforms will expand and deliver NAV increases. I am doubtful - I can see them having to merge a number of their business investments together.

[redsonning] 21/12/2015 10:23

One of the most clearly signposted collapses in a long time. Investors have had all the information needed to get out over a period of many months. But as usual the ignorant kept quoting yields and prospects as if the falling market price meant nothing and gave even more buying opportunity.
My posts 46, 51, 72, 82, 90, 103, 116, 131 and 144 show the audit trail of why all this was so clearly marked. No one has any excuses for still being in this one.
There is a very simple investment lesson here. When you have put your money in the wrong place and made a loss, and you are then given the opportunity to avoid an even bigger loss....take it.

[droid] 21/12/2015 10:23

Yes, looks like some debt is being replaced by equity so effect on NAV should be neutral.I feel much more comfortable about Glif now than before.