Holdings in Company and SHL liquidation

RNS Number : 0536T

GLI Finance Limited

14 July 2015

 

14 July 2015

GLI Finance Limited

("GLI" or the "Company")

Holdings in Company and SHL liquidation

On 14 July 2015, the board was informed that Sancus Holdings Limited ("SHL") sold 500,000 ordinary shares of nil par value in the Company ("Ordinary Shares") on 2 July 2015 and a further 1,941,372 Ordinary Shares in aggregate across two transactions on 9 July 2015 and 13 July 2015. These transactions follow expiry of the lock-in period covering the 31,415,930 Ordinary Shares issued to SHL as part consideration for GLI's acquisition of Sancus Limited. SHL's notifiable interest is now in 27,974,558 Ordinary Shares, representing 13.0% of the Company's issued ordinary share capital.

As described in the Company's circular dated 17 November 2014 ("the Circular"), SHL's intention had been, following expiry of the lock-in period, to transfer its holding of Ordinary Shares to its shareholders, including GLI, pro rata to their holdings in SHL. Of the Ordinary Shares sold by SHL, 250,000 Ordinary Shares were sold on 13 July 2015 on GLI's behalf (representing part of the Company's pro rata underlying holding) at a price of 54.5 pence per share.  

SHL is now being liquidated and the remainder of GLI's pro rata underlying holding of 2,392,865 Ordinary Shares and the net proceeds from the sale of the 250,000 Ordinary Shares of approximately £0.136 million will be transferred to the Company by SHL's liquidator in due course. As described in the Circular, GLI intends to hold the 2,392,865 Ordinary Shares in treasury following the transfer. The Company will provide further updates on SHL's liquidation as appropriate.

For further information, please contact:

GLI Finance Limited

Geoffrey Miller

[phone]

[phone]

Panmure Gordon (Nominated Adviser and Corporate Broker)

Dominic Morley / Tom Salvesen

[phone]

Peter Steel

[phone]

Camarco (PR Advisor)

Ed Gascoigne-Pees

[phone]

[phone]

Hazel Stevenson

[phone]

[phone]

Note: a copy of the Circular is available to view on the Company's website at www.glifinance.com/~/media/Files/G/Gli-Fund/documents/proposed-aquisition-of-sancus-circular-171114.pdf.

About GLI Finance Limited

GLI Finance (www.glifinance.com) is a specialist provider of finance to small and medium sized enterprises and is quoted on the AIM market of the London Stock Exchange (ticker GLIF). GLI Finance both invests in loans to SMEs and originates finance for SMEs through a variety of finance platforms.

The platforms in which GLI Finance is invested vary by geography, industry, size of lending and by type of lending. They include Global trade Finance, UK and US SME Lending, Offshore Lending, UK invoice discounting, European invoice discounting, Global multi-asset crowd funding and UK property-backed lending.

 

END

 

 

HOLGGUWUMUPAGQC