NAV and Trading Update

RNS Number : 2534R

GLI Finance Limited

24 October 2013

 



24 October 2013

GLI Finance Limited

NAV and Trading Update for the quarter ended 30 September 2013

GLI Finance Limited ("GLIF" or "the Company") today announces its unaudited net asset value as at 30 September 2013.

The Company's unaudited net asset value (NAV) per share as at 30 September 2013 was 51.8p.  This compares to the unaudited NAV of 53.1p as at 30 June 2013 and 49.1p per share as at 31 March 2013. The sterling and Euro denominated investments, (£22.4m as at the quarter end) were unchanged for the quarter, whilst the US investments (£43.5m at the quarter end) although $1.0m up in dollar terms, were £2.1m down in sterling terms due to dollar weakness against sterling during the quarter.

Trading Update

The Company's recent acquisitions continue to integrate well with early indications of opportunities for both cross-referral between the Company's platforms and for the platforms to work together on financing solutions for UK SMEs. The Company expects that the funds raised recently will be largely invested by BMS in a short timeframe. We continue to look for opportunities to develop the origination business further.

As part of the ongoing evolution of the Company's strategy, GLI Finance is seeking shareholder approval to update its investing policy, as required under the AIM rules, and to delist from from the Channel Islands Stock Exchange. We expect to issue an EGM circular shortly.

The Company also announces the appointment of Emma Stubbs as CFO. Emma will join GLI Finance in November from Sportingbet, where she was Head of Business Analysis and Projects, responsible for formulating strategy across Europe and Emerging Markets. Emma brings a vast wealth of experience to her new role, with ten years' post qualified experience from Deloitte, and two years working in the captive insurance sector.

For further information, please contact:

Geoffrey Miller

GLI Finance Limited

[phone]

[phone]

Investec Bank plc

Tim Mitchell

Jeremy Ellis

[phone]

Panmure Gordon

Dominic Morley

Fred Walsh

[phone]

Ed Berry

Jack Hickey

FTI Consulting

[phone]

 

END

 

 

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