Business
Completion of Acquisitions,Issue of Equity & Bonds
Completion of Acquisitions,Issue of Equity & Bonds.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 8687C GLI Finance Limited 30 June 2016 \n\n30 June 2016\n \nGLI Finance Limited\n(\"GLI\" or the \"Company\")\n \nCompletion of Acquisitions, Issue of Equity and Bonds\nSummary\n· Following the Company's announcement on 16 May 2016, the proposed acquisition of interests in Sancus Gibraltar and GLIF BMS Holdings has now completed, with the creation of the newly combined Sancus BMS Group. \n· Completion marks further progress in delivery against the objectives set out in the board's previously announced Strategic Review, which has thus far resulted in increased focus around the Company's core platform and niche lending businesses, simplification of our operations and the creation of the Sancus BMS Group.\n· The combined Sancus BMS Group is expected to make pre-tax profit of approximately £2.5 million in 2016, rising to approximately £4 million in 2017 as the loan book continues to grow, the businesses become fully integrated and increasing levels of commercial, operating and financial synergies are realised. \n· Following the uncertainty and market volatility resulting from Brexit, GLI has decided to cancel the bond offering to UK Bond Network investors. The Company may re-list the offering at a later date. The Company's proposed £10 million aggregate issue of Bonds as part-consideration for Sancus Gibraltar has, however, taken place as anticipated.\nCommenting, Andy Whelan, Chief Executive of GLI, said: \n\"We are making good progress in restructuring the business and now have a better organised, more operationally efficient group. The steps undertaken to address our portfolio of platforms as part of our strategic review position us to take advantage of the significant opportunities we see within the specialist SME lending market. We remain excited about the long term prospects for the business as we continue to execute our growth strategy.\"\nCompletion of Acquisitions, Issue of Equity and Bonds\n \nThe board of GLI announces that the Company's acquisitions of the entire issued share capital of Sancus (Gibraltar) Limited and the ordinary shares that it does not already own in GLIF BMS Holdings Limited (\"GBHL\") have, today, legally completed. Accordingly, the Company issued New Ordinary Shares a...