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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gli Finance Limited | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.62 | 2.60 | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGLIF
RNS Number : 3999X
GLI Finance Limited
24 November 2017
24 November 2017
GLI Finance Limited
("GLI" or the "Company")
Further investment in Sancus Isle of Man
GLI Finance Limited, a leading investor in the alternative finance sector, today announces that its wholly owned subsidiary, Sancus BMS Group Limited ("Sancus BMS"), has agreed to acquire an additional 6.2 per cent. stake in Sancus IOM Holdings Limited ("Sancus IoM") for a total consideration of GBP476,238 (the "Transaction").
The Transaction will see Sancus BMS acquire the remaining ordinary shareholdings in Sancus IoM of Andy Whelan (3.1 per cent.) (CEO of GLI, Sancus BMS and Sancus IoM) and John Davey (3.1 per cent.) (Executive Director of Sancus BMS and Sancus IoM) (the "Connected Directors") and will increase Sancus BMS' shareholding in the business to 29.3 per cent. It will allow GLI to further benefit from the growth of the Sancus IoM business as it continues to execute its strategy and will remove the conflicts of interests resulting from the Connected Directors' personal shareholdings. The acquisition will be financed through the transfer of GBP426,700 of value from the existing GLI 7% Corporate Bonds (due 2021) held by Sancus BMS Group plus GBP49,538 amount of cash, allocated pro rata between each of the Connected Directors.
The Transaction constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies as both Andy Whelan and John Davey are related parties. The Independent Directors of the Company, being those Directors other than Andy Whelan, having consulted with the Company's Nominated Adviser, Liberum Capital Limited, consider the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please contact:
GLI Finance Limited
Andy Whelan
+44 (0)1534 708900
Liberum (Nominated Advisor & Corporate Broker)
Steve Pearce
Chris Clarke
Jonathan Wilkes-Green
+44 (0) 20 3100 2190
Instinctif Partners (PR Advisor)
Tim Linacre/Ambrose Fullalove
+44 (0)207 457 2020
Inside information
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
About GLI Finance
GLI is an AIM listed innovative alternative finance business, which owns a niche SME lender, Sancus BMS that operates in 6 jurisdictions - UK, Ireland, Jersey, Guernsey, Gibraltar and the Isle of Man, and a portfolio of emerging FinTech SME-focussed lending platforms that are located on 3 continents.
LEI: 213800S2XOO3YSEGCA26
This information is provided by RNS
The company news service from the London Stock Exchange
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November 24, 2017 02:00 ET (07:00 GMT)
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