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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 Shares Traded Last Trade
  +0.00p +0.00% 7.475p 0 08:00:00
Bid Price Offer Price High Price Low Price Open Price
7.20p 7.75p 7.475p 7.475p 7.475p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 11.63 -15.16 -5.01 23.1

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Date Time Title Posts
05/10/201817:53GLI Finance - SME Finance leading player668
19/10/201508:28Greenwich Loan Income Fund1,924
01/6/201506:15Greenwich Loan2

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Gli Finance (GLIF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-01-22 15:29:017.6020,0001,520.00O
2019-01-22 11:20:137.9978,0206,233.80O
2019-01-22 11:10:107.6064,6694,914.84O
2019-01-22 10:50:257.601,953148.43O
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Gli Finance (GLIF) Top Chat Posts

Gli Finance Daily Update: Gli Finance is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker GLIF. The last closing price for Gli Finance was 7.48p.
Gli Finance has a 4 week average price of 7.48p and a 12 week average price of 7.48p.
The 1 year high share price is 11.75p while the 1 year low share price is currently 7.48p.
There are currently 308,980,523 shares in issue and the average daily traded volume is 100,445 shares. The market capitalisation of Gli Finance is £23,096,294.09.
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.
cheshire2: Agree - an absolute discrace..........i've emailed them to say so. don't know how they can sleep at night. They must have the share price chart on the wall upside down !!!
guernseymoney: A very messy company with reckless investment approach (i.e. financing "FinTech" junk) and total disdain for shareholders. Proof is in the pudding, with a plummeting share price, which is well-deserved. The directors and company has a foul reputation here in Guernsey in the chattering classes. 5p then bust. Goodbye GLI.
cheshire2: Can only assume they expect the share price to go up that far over the next three years or smoke and mirrors to make us think the price will be going up. They call it an incentive - you would think senior management who are already on a good wage compared to most of us would not need an incentive but that's aim companies for you!! GREED AT THE TOP - SOD THE WORKFORCE THAT MAKE THE MONEY FOR THE COMPANY AND SOD THE SHAREHOLDERS !!!
egonwe: Hmmm - In 18 months, Whelan and his team have: 1) Halved the dividend, then axed it completely 2) Reduced the share price by two-thirds The last CEO, Miller, was elbowed out of the company for halving the share price....
fenners66: Well the share price has reacted - not much faith shown there either.
kenny: The Sancus BMS businesses produced a return on gross assets of 2.12% (page 24 of the annual report) - so that is hardly anything to write home about - and it is unclear if that was before or after an expense ratio stated as being 48.5% (presumably 48.5% of gross income from loans). You cite "decent increases" in the size of co-lender loan books. The operating profits for Sancus BMS increased from £2.6m to £3.537m in 2016 (page 25). Those profits are small figures in the context of the overall group and it's market capitalisation. Therefore, they are very unlikely to be the saviour of the group. They would have to increase revenue "over 25%" for quite a few years just to achieve break even as a group. Markets being what they are, the company may not have the luxury to keep trading at a loss indefinitely on the promise that one day it will become profitable and/or one of their investee companies will hit the jackpot. Besides which, if the big banks are finding it hard to make money at current interest rate margins, what chance GLIF? Unlike GLIF, the big banks do not have expensive loans they have to service; they mainly rely on customer deposits which they pay very little interest upon. Since I started having a close look at GLIF, having not been a holder here for about 3 years, I have come to the conclusion that I would not invest unless the share price was at or about 5p. Above 5p per share, it is just a big gamble that someone who has more money than sense comes alone with a bid at, say, 10p per share. I would need that large of a margin of safety because there would still be a fair probability of a total wipeout. I know the above valuations may seem absurdly low to someone who looks at the share price graph. However, what I have found out is that the destruction of capital has been more or less total - even to the extent that I am not at all certain that there is anything to invest in here - at any price! I am quite shocked that a company that previously had a great business investing in CLO loans has destroyed more or less all value by selling that portfolio and gambling the whole lot in P2P start-ups. The previous management also issued shares and loan capital to raise yet more money to invest in P2P start-ups! Turning the valuation question on it's head - what is a company that is likely to be loss making for many year's to come and with dubious assets worth? I believe it is only worth hope value because unless there is a take over or windup, a shareholder receives nothing for the foreseeable future. Further, "foreseeable future" may become infinite if the company keeps going just to pay the directors salaries while gradually consuming its assets in annual operating losses and asset write downs. The above is not intended as investment advice - no doubt the share price will have many bounces over the next few months and years, but I think with both a) the balance sheet not yet reflecting a true write down in the value of assets/investments and, b) operating losses (never mind investment losses) continuing for the foreseeable future (or at least until base rate exceeds 5%, which may not be in our lifetime), the overall long term trajectory in the share price will be down. As always, I think the question is - what are you getting if you invest here? I certainly cannot find anything that is either sustainable or of substance compared to the current market capitalisation but I remain open to being convinced otherwise?
kenny: I have not been a shareholder in GLIF for a little over 3 years and while it is sad to see investor’s lose money, I am surprised that there are still individual investor’s holding on. Losses that are continuing from trading and past investments mean there is unlikely to be another dividend paid anytime soon. The expense base also seems too high for a viable business to emerge. I think the end game has already been written – in common with what has occurred in many similar situations I have seen - where there is one controlling holder. The share price will continue to steadily deteriorate over the next few years and eventually the controlling shareholder will step in with an offer. I have no idea when that will happen or what the buyout price will be but, based upon figures I ran today, I am guessing that it will be at a single digit price e.g. 9p or lower. At that time, with the share price having reached a level below the buyout price and traded below that buyout price for some time; then holders will be glad to be put out of their misery. Of course, I could be proved wrong but the odds are heavily stacked against holders at the current share price. Note that I have no position in GLIF and have never shorted any share.
cerrito: 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
kenny: Some comments on recent developments at GLIF: 1. BMS is expected to accumulate net earnings of £1.3m in each of 2014 and 2015; this projection has recently been reduced by Edison from its previous estimate of £1.6m for each of those years. Both figures represent GLIF's share of earnings. I do not know if the £1.3m is inclusive of the 8% coupon on the £11.6m of loan stock issued to GLIF on the takeover of BMS's historic loan book. In either event, the purchase of BMS is looking like another good deal by the CEO, Mr G. Miller; within 18 months of purchase. I think I have stated before that his ability to secure these enhancing deals is really quite impressive. In summary, for a total investment of £11.6m, GLIF is "earning" more than 10% per annum (and it is early days) - so BMS is more than contributing to GLIF's ability to increase its dividends. The real kicker in this investment is that even if BMS's earning fall back, GLIF still has the hard assets it acquired for its investment and which are more or less equal to its investment of £11.6m. 2. Sterling had improved in this quarter and assuming the current exchange rate is the rate prevailing at 31.03.14, then this should add about 0.4p to NAV. 3. At the current share price of 59.5p to buy and because it appears the increase in dividends from 5p per annum to 5.25p for 2014 is already tacitly acknowledged by GLIF albeit not yet confirmed, the shares are trading at a current yield of 8.8%. This is the safest high yield I can find on a sterling denominated investment. Also, the projected increase by 5% per annum (for example, to 5.5p for 2015 is projected by Edison) is even higher for a long term dividend investor like myself. Edison has indicated in their note of 21.02.14 that GLIF is becoming a SME financer and this now seems an indisputable fact. Therefore, I believe it is appropriate to take account of capital gains GLIF is accruing, in BMS for example via warrants it obtains when granting loans, in looking to determine whether its dividends are fully covered by earnings. Taking account of all "earnings" the 5.25p for 2014 and 5.5p for 2015 are both covered, albeit Edison has highlighted some concern that, in the short term, GLIF's dividends may be uncovered because CLO loans are repaying faster that GLIF can reinvest in suitable opportunities. Also, note that Edison's projections will likely turn out to be slightly lower - effected by Mr Miller earning a bonus for 2014, at least, which is not taken into account in their projections; this through a combination of the growth in share price and dividends delivered to shareholders. I do not resent his bonus because he is delivering and also taking half his bonus in shares - acquired by the company on market and not through issue. 4. The Board has confirmed that GLIF is to be split into two quoted companies – what might be loosely called the CLO investor and the peer2peer investor. Clearly, there is a lot of excitement building about what returns the peer2peer company might earn, as and when even a single one of its investments is of sufficient size to float or be sold via a trade sale e.g. a combination or takeover with another peer2peer company. The Board of Directors has confirmed that when split into two listed companies; the dividends in total will be no less than currently paid or, indeed, projected. Personally, I hope that management of the CLO company, which hopefully will still have Mr Miller on the board and ideally as CEO of both companies, will pursue an expansion policy. I think there are still good returns to be earned from CLO equity tranche investments. CLO equity investments are not well understood and there seem to be few companies investing in them. GLIF only have about $5m invested in third party CLO equity but have stated those investments have earned 45% within two years of purchase and continue to produce very high yield. However, I hope they will consider raising money for the CLO company, for example, through issuing preference shares or bonds. They could issue preference shares with a coupon of say, 6% or 6.5% and still earn a very decent net return for ordinary shareholders. For example, Oxford Lane Capital Corp. in the US – NASDAQ:OXLC – has been very successful as a pure CLO equity tranche investor through the issue of a series of bonds, providing its shareholders with a high yield. This should be sustainable as interest rates rise because the underlying loans are made on a base rate plus margin basis. My comments (or should that be ramblings?) have turned out to be longer than I imagined when I started writing. I guess I am getting a bit over excited about the long term potential of GLIF – not just the high growth peer2peer company – but the core historic portfolio. We have to face the reality that not all of GLIF's investments in peer2peer companies will likely succeed. However, a short few years ago, I started accumulating shares in a solid and predictable dividend high-yielder with few prospects of increasing its high dividends. Now GLIF has the potential (through the management of Mr Miller, I suggest) to deliver not only a solid and growing dividend but also growth somewhat akin to a technology company, albeit with the safety margin of hard assets that most small technology companies lack. As always, do your own research and do not invest in any company based solely upon anything you read on a bulletin board!! Because of the recent tip in Investors Chronicle, GLIF's share price is likely to be volatile on the basis that it may have attracted a lot of holders looking to make a quick profit and move on. Nothing wrong with that but, personally, I do not view GLIF as suitable for a short term investor because the growth, while it might occur at a rapid rate, will not bear fruit overnight - while the volatility is guaranteed because of the IC tip. My objective is income now and in retirement with any "yield" from capital appreciation being harvested so far in my future, hopefully, as to be wholly unpredictable. I don't wish to sell any shares in my portfolio for a short term gain because, as I have proved to myself many times in the past, I am not smart enough to predict that I can buy them back at a lower level or find an alternative investment with a comparable yield/prospects.
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