Business
NAV and Trading Update
NAV and Trading Update.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 3228P GLI Finance Limited 18 August 2014 \n \n\nGLI Finance Limited\nNAV and Trading Update\n18 August 2014\nGLI Finance Limited (\"GLIF\" or the \"Company\"), a leading provider of finance to small and medium sized enterprises in the UK, US and Europe, is pleased to announce its net asset value (\"NAV\") as at 30 June 2014 and give an update on trading ahead of its interim results which are expected to be announced on 23 September 2014. \nThe NAV of the Company as at 30 June 2014 was 48.5p per share, compared to 49.99p per share as at 31 December 2013, a fall of 2.9%. Whilst the Company's sterling assets rose by 2.41p per share, its dollar assets fell by 3.87p per share. This was principally a combination of the weakening of the dollar by 3.2%, equivalent to 2.06p per share and a fall in the value of its CLO assets on disposal equivalent to 2.68p per share. This fall was partially offset by an increase of 1.5% in the value of the Company's equity shareholding in Fair Oaks Income Fund (\"FOIF\") since the IPO of FOIF on 12 June 2014 and an increase in the value of Raiseworks, the Company's US platform.\nDuring the six month period ended 30 June 2014, the Company disposed of its remaining direct CLO investments through sales in the market and the IPO of FOIF. GLIF transferred its remaining CLO investments to FOIF in consideration for a cash element of approximately $20.4 million and the issue of 34,298,425 shares in FOIF at a price of $1.00 per share. The cash received from the transaction has now been fully invested into GLIF's underlying SME finance assets and the remaining holding in FOIF was valued as at 30 June 2014 at £19.8m. The Company's net cash position was £6.1m at the period end, all of which has been earmarked for specific investments.\nThe aggregate value of the Company's platforms increased during the period, reflecting both the five acquisitions completed in the period* and an increase in the carrying value of certain platforms. The increase in value is attributable to growth in those platforms and the heightened focus of investors on alternative finance platforms as a viable source of funding for SMEs. At the end of the period the value of the equity held in the various platforms within the GLIF family totalled ￡16.7m (31 December 2013: £6.7m).\nUpdate on trading\nE...