Business
Proposals Re. The SME Loan Fund plc - Update
Proposals Re. The SME Loan Fund plc - Update.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 8041Y GLI Finance Limited 08 March 2017 \n\n8 March, 2017\nGLI FINANCE LIMITED\n(THE \"COMPANY\" OR \"GLIF\")\nProposals Re. The SME Loan Fund plc - Update\n \nFurther to the announcement by the Company on 21 February 2017, the directors of GLI Finance Limited are pleased to announce that:\n· the secondary placing of its total holding in The SME Loan Fund plc (\"SMEF\") at 90p per share (the \"Secondary Placing\"), valuing this holding at £22.7 million, has been successfully completed today;\n· Amberton Asset Management Limited, which is 50% owned by GLIF and is the current investment manager of SMEF, will cease to be SMEF's investment manager and will be appointed by SMEF's new investment manager, SQN Capital Manager, LLC, as its sub-investment adviser in relation to SMEF's existing portfolio of loans, both with effect from 1 April 2017;\n· In addition, the Company announces that it has agreed to acquire from SMEF for cash, certain performing loans which are inconsistent with SMEF's proposed future investment strategy, for their aggregate face value of £5.27 million (including accrued interest) as at 10 March 2017. GLIF is comfortable to hold these loans given this is in keeping with its strategy of providing financial support to the lending operations of its platforms. The weighted average yield of these loans for the last 12 months was 12.7%.\nFollowing settlement of the Secondary Placing, which is expected to take place on 10 March 2017, GLIF will use the proceeds to repay its £14.86m syndicated loan, which matures on 15 March 2017, allowing the Company to simplify and strengthen its balance sheet. The remainder of the proceeds will be used to fund the acquisition of the loans referred to above and to expand the capital base of the Sancus BMS Group. \n \nEnds\n \n \nEnquiries\nGLI Finance Limited\nAndy Whelan\n+44 (0)1534 708900\nLiberum Capital (Nominated Adviser and Broker)\nSteve Pearce\nChris Clarke\nJonathan Wilkes-Green\n+44 (0) 207 100 2000\nInstinctif Partners (PR Advisor)\nTim Linacre/Nick Woods\n+44 (0)207 457 2020\nAbout GLI Finance\nGLI Finance (www.glifinance.com) is a specialist provider of finance to small and medium siz...